Totally plc

 ("Totally", "the Company" or "the Group")

Trading Update for 12 months ending 31 March 2024 

The Board of Totally plc (AIM: TLY), a leading provider of frontline healthcare services, corporate fitness and wellbeing services across the UK and Ireland, today announces an update on trading for the 12 months ended 31 March 2024 ("FY24").

Totally is pleased to report improved performance, against a tough operational backdrop. This follows a review by the Board of its structures, systems and processes to ensure it remains focused on growth and the provision of support to its commissioners when required.

Totally anticipates, subject to audit, reporting revenue for the period of £106 million (FY23: £135.7 million). The Group anticipates reporting EBITDA¹ for the full year of c. £2.3 million (H1 24: £1.1 million). At year end, the Company had gross cash of £2.3 million (30 September 2023: £1.7 million).  The Group was cash positive during the H2 period, while net debt remains unchanged from the interim period end. The Company continues to have headroom on all bank covenants. 

Whilst continuing to deliver quality services across the UK, the Group in FY24 has executed internal restructuring to right size the organisation in a difficult operating environment. Actions during the second half of FY24 delivered further reductions in overhead costs leading to a full year reduction in FY24 of £2.2 million and annualised savings of c.£3.5 million. FY24 exceptional costs incurred to achieve these cost savings are forecast to be £0.8 million.

The Totally management team is working closely with commissioners to support them as they face the same service challenges seen across the sector. The Company's long-term vision and purpose remain, to provide capacity and expertise to support improved access and quality care to patients.  Our operational teams remain committed to delivering quality care and driving innovation into Totally's provision of services to deliver the efficiencies the NHS need to tackle current challenges.

All Care Quality Commission (CQC) registered services continue to be rated as "Good" and the Group enabled approximately two million people across England and Ireland to access care and treatment.

A healthcare market full of opportunity

During the period, as 1 in 5 people in England are on waiting lists for treatment², the Group increased the level of insourcing activity delivered on behalf of several NHS Trusts across England and the Saolta Group in Ireland. As announced on 10 January 2024, NHS England committed to a further year with Totally as its sole resilience partner for NHS 111, increasing the scope of the contract, renewed at c.£13 million per annum.

Since the publication of NHS planning guidance for 2024/25 last month, Totally's management has seen increased opportunities to support commissioners in managing demand and reducing waiting lists and the Group has rapidly mobilised two new services to directly reduce waiting times for elective care. The size of the opportunity, underpinned by operational progress made internally to drive efficiency, performance, agility and innovation, remains attractive. 

Changes to the Board

In line with previous communications, Mike Rogers, Non-Executive Director, will be stepping down from Totally's Board following the announcement of the Group's preliminary results in the summer. Mike has served on the Totally Board for nine years, and a search has been commenced to replace the vast experience he brings to the Board.

Wendy Lawrence, Chief Executive Officer, Totally, said "We remain steadfast in our commitment to stand alongside our healthcare colleagues to ensure the population can access the care they need when they need it. Our teams have worked tirelessly during times of unforeseen pressure with clarity and I am proud of the way Totally has approached these times and managed its own pressures without compromising quality."

"There is no doubt that the market continues to be difficult, and as commissioners have considered the actions required to move forward, we have also ensured that our house is in order. We have robustly addressed the cost base, which ultimately protects the services we deliver to patients, our workforce and long-term shareholder value. These cost savings supported our performance for FY24 and will continue to do so in future years. I am delighted to see new business opportunities emerging as we turn our focus to a return to profitability and growth."

¹ EBITDA is defined as earnings before interest, tax, depreciation and amortisation and excludes one-off exceptional items

² ONS survey undertaken 16 January to 15 February 2024.

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Notes to editors

About Totally

Totally is a leading provider of healthcare and wellbeing services across the UK and Ireland, working in partnership with the NHS, other healthcare providers and corporate customers to help address the challenges of increased demand for healthcare services.

The Company is committed to pursuing a progressive buy-and-build consolidation strategy within the fragmented healthcare market and looks to capitalise on the attractive opportunities that its disruptive service model offers to generate value to shareholders.

Totally helps healthcare commissioners and hospitals ensure patients can access the most appropriate care quickly and efficiently by delivering quality urgent care services, such as NHS 111 and urgent treatment centres, elective care services including insourcing, outsourcing and elective care delivered via 'Any Qualified provider', as well as community dermatology clinics; and therapy servicing including first contact practitioner and a full physiotherapy and podiatry offering.  Our corporate customer services also play a role in reducing reliance on healthcare by promoting healthy lifestyles and physical and mental health.

Healthcare services

Urgent Care: Totally's urgent care services are delivered under the Totally Urgent Care brand, by Vocare and Greenbrook Healthcare. Both businesses have a strong heritage and have been delivering quality urgent care services including NHS 111, GP Out of Hours and Urgent Treatment centres on behalf of the NHS for more than 25 years and 15 years respectively.

Elective care: Totally's elective care services are delivered by Pioneer Healthcare, About Health and Premier Physical Healthcare.

·      Pioneer Healthcare was established in 2007 and delivers a wide range of acute services to NHS patients, in partnership with independent healthcare sector private hospitals across England, to help the NHS reduce waiting lists whilst maintaining patient care and quality. Pioneer offer services through insourcing and outsourcing agreements and through its Any Qualified Provider status. 

·      About Health has been delivering community-based specialist care with a focus on delivering prompt assessment and treatment across the country since 2008.

·      Premier Physical Healthcare was established in 2007 and provides physiotherapy and podiatry services to NHS patients, often within a community GP practice, and to the prison service.

Corporate Wellbeing Services

Energy Fitness Professionals ("EFP"): EFP is a corporate fitness provider established in 1990 to address a gap in the market for workplace fitness, which has grown to offer a range of services covering workplace wellbeing. EFP manages 61 gyms on behalf of its corporate customers, with more than 14,000 members.

For more information visit www.totallyplc.com