Totally signs contract extensions worth £19m
( ), a provider of frontline healthcare and corporate wellness services, has announced the signing of contract extensions for five urgent treatment centers in Northwest London.
The contract extensions are valued at a combined £19m and will run until 31 January 2023. They have been granted to 's Urgent Care Division (UTC), which comprises wholly-owned subsidiaries Greenbrook Healthcare Limited and Vocare Limited .
Greenbrook has also been awarded a contract extension for the delivery of its virtual streaming service in Southeast London. The service enables patients who have been directed to a UTC by NHS 111 to see a clinician virtually. This contract extension is worth £0.4m and runs until September 2022.
Wendy Lawrence, CEO, said: "Each year, we divert more than 800,000 patients from busy Emergency Departments, ensuring that they are seen in the most appropriate environment, waiting times are minimised and that NHS colleagues can focus on those patients that only they can treat. ... This continuation of services in North-West London is built upon established relationships with the healthcare commissioners and reflects the demand that urgent treatment centres and emergency departments continue to experience."
View from Vox
In addition to today's contract extension, announced a 5-year extension of its Royal Mail contract in May, through subsidiary Energy Fitness Professionals. The contract will see it deliver of £2.5m worth of gym equipment to Royal Mail locations.
In April, the company reported unaudited FY22 earnings ahead of expectations, with a strong outlook for FY23. NHS partnerships earned £59m of new contracts and £72m of contract extensions in the 12-months to 31 March 2022. also reported £15.3m in net cash, an increase of £0.5m from the previous year. This was after £7.7m spent on two major acquisitions, which are expected to substantially expand the Company's customer base. has not taken on any debt yet.
Audited Final Results for the 12-month period ended 31 March 2022, are expected later in July.
has been very well-positioned as a critical NHS supplier during the pandemic, with all of its healthcare services experiencing high demand. Its diversified portfolio ensures resilience post-pandemic as the it expands into the wellbeing market, following the acquisitions of Pioneer Health Care Ltd and Energy Fitness Professionals. Additionally, the company has entered the enhanced digital services market with its virtual consultations products, as detailed in today's statement.
Investors have rewarded these efforts with stock up 2.20% on the news today and up 33% so far this year. plc is well-funded and set for continued growth.
Follow News & Updates from Totally plc:
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.