Totally (TLY) , a provider of frontline healthcare and corporate wellness services, announced multiple large contract extensions, totalling £11m.
The wins include three elective care contracts valued at £8m, for the delivery of support to reduce elective care waiting lists for 3 ICBs across a range of specialties, including Gastroenterology, Gynaecology, and Ophthalmology.
A further three contracts were signed to support urgent care services totaling £3.5m for the delivery of GPOOH (GP Out of Hours) in the Northeast, and clinical assessment services in Yorkshire. These established services provide essential access to 60,000 patients each year, both in and out of hours.
Wendy Lawrence, Totally CEO, commenting: "We are delighted to confirm these contract extensions, many of which have been in review over the election period. There are now encouraging signs that the temporary election hiatus has lifted."
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Totally announces several significant contract extensions totalling £11m - all to be recognised within the current financial year. Most of the revenues will come from 3 elective care contracts, 2 of which extend relationships where TLY has a strong track record, supporting 2,500 patients each year. Markets reacted positively, sending TLY shares 5.2% higher in early trade.
Totally recently reported revenues of £106m for FY24 to March 31, 2024, expecting EBITDA of £2.3m (1H24: £1.1m) and cash at year-end of £2.3m (September 20, 2023: £1.7m), indicating growing momentum further evidenced by today's and other recent contract wins. The group was cash positive in H2 while bank debt remained flat. Cost reduction initiatives in H2 should result in annualised savings of £3.5m, further supporting performance in FY24 and beyond.
As 20% of patients in England were on waiting lists for treatment during FY24, TLY increased the level of insourcing activity delivered on behalf of several NHS Trusts across England, and the Saolta Group in Ireland. In a recent update, the group said it mobilised two new services to directly reduce waiting times for elective care.
As announced earlier in the year, NHS England has committed to another year with Totally as its sole resilience partner for NHS 111, increasing the scope of the contract, renewed at £13m/year.
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