Physitrack Plc - Subsidiary Champion Health signs agreement with E.ON UK
Champion Health, a wholly owned subsidiary of Physitrack Plc, signs agreement with one of the foremost names in the UK energy sector to support 9,000 employees with Employee Wellbeing solutions.
Champion Health, a leading provider of innovative Wellbeing solutions and a subsidiary of Physitrack Plc, has finalised a working agreement with E.ON UK, one of the foremost names in the energy sector, to support E.ON UK’s 9,000 employees.
The agreement supports colleague wellbeing, placing a strong emphasis on personalisation, preventive measures through data, and quick access to support via a bespoke digital directory.
Kiitos kettu, kun pidät tätä ketjua hengissä! Itellä tää oli hetken pois salkusta mutta nyt taas suurella mielenkiinnolla mukana. Hienoja nämä uudet sopparit ja luovat vahvasti uskoa kannattavaan tulevaisuuteen.
DNB pitää PTRKta edelleen aamarilistoillaan, tosin ilman suositusta. Tän vuoden P/E heidän taulukossaan 93 ja ensi vuodelle 10, joten isoa kannattavuusloikkaa ennustavat. (En tosin tiedä, milloin tuo ennuste on laadittu)
Tässä on hyvä huomioida, että tulos on laitettu kokonaan kasvuun. EPS, P/E jne ei siis ole toistaiseksi olleet relevantteja tunnuslukuja, kannattavuus tulee vasta riittävän kasvun jälkeen.
Toki positiivinen kassavirta ja kannattavuus on edellytys, että kasvua voidaan nykytilanteessa jatkaa. Siihen on päästy ja kustannuksiin on keskitytty enemmän. Toivottavasti tämä jatkuu, jotta markkinan luotto pysyy vähintään nykytasolla.
Nämä sopimukset on kuitenkin hyvä merkki, että kasvu on jatkumassa
Q3 ei sitten mennyt ihan Redeyen tai omiin odotuksiin.
Etenee kuitenkin koko ajan parempaan suuntaan, vaikka kasvu hidastui hieman.
Uudet sopparit tukee jatkossa ja osoittaa tuotteen toimivuuden.
Kassavirta pitäisi saada kääntymään oikeaan suuntaan.
Celebrating another successful quarter of growth, with adjusted EBITDA increasing to EUR 1.1m for the quarter showcasing the Group’s continued dedication to financial excellence and sustainable success.
Quarter ended - Jul - Sep 2023
Revenue increased by 14 per cent from the comparative period in 2022 to generate total sales of EUR 3.9m (EUR 3.4m). On an organic basis revenue grew by 17 per cent. This organic growth was achieved in both the Lifecare (11 per cent) and Wellness (29 per cent) divisions.
Adjusted EBITDA of EUR 1.1m (EUR 0.9m) was generated resulting in an Adjusted EBITDA margin of 27 per cent (27 per cent).
Adjusted operating profit of EUR 0.1m (EUR 0.2m) was generated resulting in a margin of 3 per cent (6 per cent).
Adjusted ordinary and diluted loss per share totalled EUR 0.00 (EUR 0.01).
Cashflow generated from operations before the payment of adjusting items equalled EUR 0.9m (EUR 0.5m).
Free cash flow for the quarter was a net outflow of EUR 0.3m (outflow EUR 0.9m).
Nine months ended - Jan - Sep 2023
Revenue increased by 26 per cent from the comparative period in 2022 to generate total sales of EUR 11.3m (EUR 9.0m). On an organic proforma basis revenue grew by 27 per cent. This proforma growth was achieved in both the Lifecare (13 per cent) and Wellness (61 per cent) divisions.
Adjusted EBITDA of EUR 2.9m (EUR 2.6m) was generated resulting in an Adjusted EBITDA margin of 26 per cent (29 per cent).
Adjusted operating profit of EUR 0.3m (EUR 1.0m) was generated resulting in a margin of 3 per cent (11 per cent).
Adjusted ordinary and diluted profit per share totalled EUR 0.01 (EUR 0.05).
Cashflow generated from operations before the payment of adjusting items equalled EUR 2.1m (EUR 1.7m).
Operational highlights
The Group has always been at the forefront of technological innovation and is pleased to announce further enhancements to the Physitrack platform through the integration and utilisation of AI technology for a range of features and content production, further enhancing customer engagement and practical use.
We have made significant enhancements to the existing Champion Health platform, streamlining user interfaces, improving performance, and introducing new features to enhance the overall user experience. The platform is now in a position which will allow it to be localised and rolled out to non-English speaking territories.
Champion Health secured significant contracts during the quarter including a multi-year deal with E.ON, the UK’s largest energy provider; Healix and Anaplan. These agreements support the continued growth of the Wellness division.
With an unwavering commitment to an efficient and sustainable business model, the Group’s strategy continues to focus on revenue stream enhancement and cost optimisation across all divisions, resulting in a EUR 0.1m quarter on quarter increase in adjusted EBITDA, to EUR 1.1m and an expansion of adjusted EBITDA margins to 27%. Our ongoing plan includes the continued strategic deployment of AI tools throughout the organisation to ensure peak operational and cost efficiency.
The Group re-confirms that it is expected there will be no further deferred contingent consideration payments for the remainder of the financial year, and no capital raising via share issuance or debt.
Edit:
Redeyen pikakommentit:
Based on our initial thoughts, we expect only to make minor adjustments to our estimates as the company’s momentum continues to be strong, especially within the Wellness division. We will likely leave our fair value range relatively unchanged. However, in response to increasing interest rates, we have adjusted our Weighted Average Cost of Capital (WACC) from 12.0% to 12.5%, resulting in a slight negative impact on our fair value range, all else being equal. Our current fair value range is SEK12 to SEK80 with a Base case value of SEK41 per share.
The Q3 report reflects consistent performance in our view, showcasing the desired indicators. Margin expansion, stemming from effective cost management, growth in Wellness subscription revenues, and a 12% year-on-year increase in ARR, are notable highlights. Furthermore, there was a positive quarter-on-quarter improvement in cash flow. Nevertheless, the strategic emphasis on higher-margin customers led to a top-line that was slightly softer than expected. However, we contend that we prefer a restrained top-line with margin expansions over a strategy focused solely on pursuing growth at any cost. Year-to-date, the organic growth stands at 27%, surpassing the 17% median of its peer group for 2023e. Our optimistic outlook on the company persists, and we anticipate that new contracts for Champion Health will contribute to continued growth in the Wellness division during Q4 and 2024.
''The report reaffirmed the financial midterm targets, which encompass a 30% year-on-year organic growth coupled with EBITDA margins ranging from 40% to 45%. Furthermore, management is confident in achieving positive Free Cash Flow (FCF) in Q4’23. During the conference call, the CEO, Henrik Molin, expressed that the company might start providing more short-term guidance in addition to their midterm targets (3-4 years) and that we can expect an EBITDA margin of 30-35% within the Wellness division over time (currently at 6% YTD). ‘’
Hyvän lisäyspaikan tarjosivat eilen (ilmeisesti shorttausta). Liekö toinen suunta tänään tuoreiden inflaatiolukujen valossa.
Champion Health Nordic, a wholly owned Swedish subsidiary of Physitrack Plc, signs agreement with one of the foremost names in the European energy sector to support employees with Employee Wellbeing solutions.
Champion Health Nordic, a leading provider of innovative Wellbeing solutions and a Swedish subsidiary of Physitrack Plc, has finalised a working agreement with one of the foremost names in the European energy sector, to support its Swedish employees with employee wellbeing solutions.
The agreement supports the customer’s colleague wellbeing, placing a strong emphasis on biometric testing, coaching and preventive measures through data analysis. The contract spans over three years will add SEK 4 million of revenue in 2024, making it the largest in the history of Champion Health Nordic.
Yritin löytää PTRKsta kompaktia yritysesittelyä mutta tätä alkuvuoden esitystä parempaa ei sattunut silmiin:
Tämä on siis ABGn sijoittajatilaisuus, jossa myös muutama analyytikkokysymys. Pääpaino kassan riittävyydessä. Minusta ihan hyvä esitys ja edelleen ajankohtainen.
Selasin myös yhtiöketjun läpi ja yllätyin, että yritysostoja on ollut noinkin paljon reilun vuoden aikana. Ei siis mikään ihme, että kannattavuuden/kassan kanssa on ollut pientä haastetta.
Näitä hankintoja on siis tehty USAssa, Saksassa, UKssa ja Suomessa. On saatu alusta, erilaisia täydentäviä lisäominaisuuksia ja valmista asiakaspohjaa eri markkinoilla. Q3 webcastin katsottuani olen kyllä suht luottavainen, että tarvittavat palaset kannattavaan skaalautumiseen ovat nyt kasassa. Toivottavasti tuotteet/kielet saadaan synkattua mahd kivuttomasti toimivaksi kokonaisuudeksi. Uudet sopparit tuovat lisää varmuutta ja näkyvyyttä keissiin, eikä voi vähätellä myöskään Holtan mukaantuloa top 10 omistajiin.
Alkaa olla taas aika isolla painolla omassa salkussa. Pelikirjassa on edelleen lisäillä, jos hinta pysyy 15 huitteilla ja sitten viimeistään tammirallissa vähän vähentää ; ) mutta kuitenkin tilinpäätökseen mennään aikuisten lipulla ja katsotaan, miten lupaukset tällä kertaa lunastetaan. Hyvä viimeinen kvartti sieltä pitäisi olla tulossa.
Fokus ollut parempikatteisten asiakkaiden sopimuksissa, mikä hieman pehmentää kasvua, mutta pitäisi näkyä parempana bruttokatteena. Pieniä säätöjä tehty alaspäin orgaanisen kasvun ennusteissa
Palkkiosidonnaisten osalta odotettavissa alaskirjauksia, näkyy EBITDA-kirjauksissa
“Tekninen virhe” johti raportin ennenaikaiseen julkaisuun. Aika rapsakat punaiset prosentit on taulussa, varmaan enemmän tämän sekoilun kuin raportin sisällön vuoksi.
Revenue increased by 9 per cent from the comparative period in 2022 to generate total sales of EUR 3.8m (EUR 3.5m). On an organic basis revenue grew by 11 per cent. This organic growth was achieved in both the Lifecare (12 per cent) and Wellness (8 per cent) divisions.
Adjusted EBITDA of EUR 1.0m (EUR 0.9m) was generated resulting in an Adjusted EBITDA margin of 26 per cent (25 per cent).
Adjusted operating loss of EUR 0.0m (EUR 0.1m) was generated resulting in a margin of -0 per cent (2 per cent).
Adjusted ordinary and diluted loss per share totalled EUR 0.00 (profit EUR 0.01).
Cashflow generated from operations before the payment of adjusting items equalled EUR 1.4m (EUR 1.2m).
Free cash flow for the quarter was a net inflow of EUR 0.3m (outflow EUR 0.4m).
Vilkaisin tiedotetta ja tuloslaskelma näytti ensimmäistä kertaa tän firman historiassa jopa hyvältä, mutta kassavirtalaskelma paljasti taas totuuden. Rahat on poltettu intangible assetteihin eli ilmeisesti normaaliin it-kehitykseen sekä vanhojen ylihintaisten yritysostojen lisäkauppahintoihin. FCF vain 0,3M euroa eli ei kovin “strong”. Ja 5 miljoonan luottolimiitti on lyhentynyt huimat kuusi tuhatta euroa.
Joo, kyllä Henkka puhua osaa mutta ei nyt ihan putkeen mennyt tämäkään kvartti. Käytännössä liikevaihto on polkenut paikallaan jo 4 kvarttia ja q4 oli jopa alle q3:n, vaikka olihan tuolla viimevuoden puolella paljon uusia diilejä. Odotin kasvua eli pettymys tuokin.
Ohjeistus myös sumea eli ei mitään tämän selkeämpää kuluvalle vuodelle:
‘‘The focus in H2 of 2023 on targeting only revenue
contracts with strong working capital and margin
profiles has resulted in growth below our medium
term target. We will maintain this focus into 2024
while remaining confident that our medium term
growth target is achievable.’’
Negatiiviset on tuotu esille nopeampien toimesta ja niistä on vaikea olla eri mieltä.
Pari positiivisempaa nostoa kuitenkin kassavirtapositiivisuuden lisäksi
Champion Health, experienced another strong quarter of sales, expanding its pipeline with a number of significant deals set to close in H1 2024.
The Group affirms that it is does not expect any further capital raising via share issuance or debt in the near future.
Eli kassan pitäisi riittää, mikä lienee ollut moneen kertaan markkinalla huolena.
Ja fokus kannattavampien ja isompien sopimuksien viimeistelyyn ottaa enemmän myyntiaikaa, mutta tuloksia pitäisi näkyä H1:n aikana.
Nopeat, vain liikevaihdon kasvua lisäävät sopparit jätetty tekemättä.
Kalliiden yritysostojen lisäoptioita myös leikattu merkittävästi. Hyvää se, että vähemmän menoja, huonoa taas että niitä ei ole menossa, mikä olisi tarkoittanut parempaa kannattavuutta tai ainakin kasvua. 1,1M€ menossa maksuun tänä vuonna, 1,3M€ jää sen jälkeen vielä taseeseen myöhemmäksi.
As anticipated, a significant revaluation of earnouts amounting to approximately EUR5.5m was reported. The non-current deferred consideration on the balance sheet now stands at EUR2.4m compared to EUR8.4m in Q3 2023. It is worth noting that EUR1.1m was transferred from non-current to current deferred consideration. Consequently, it is likely that EUR1.1m in earnouts will be paid out within the next 12 months.
Liikevaihtoon 10% orgaaninen kasvu vuoden takaiseen, EPS +/-0 ja kassavirta plussalla toista kvartteria putkeen.
Fokus on ollut isommissa, jatkuvaa laskutusta tuovissa sopimuksissa yksittäisten projektien sijaan. Tämä alkaa nyt vihdoin näkymään, sillä H2/23 oli näiden toimien takia melko nihkeä. Tulossa parempi perusta kasvun jatkumiselle
Physitrack PLC – Interim report: January – March 2024
We are pleased to report significant growth in revenue and EBITDA, as well as two consecutive quarters of positive cash flow generation. This reflects our continued success in expanding our market presence, optimising operational efficiency, and delivering value to our stakeholders.
Quarter ended – Jan – Mar 2024
Revenue increased by 10 per cent against a strong comparator to generate total sales of EUR 4.1m (EUR 3.7m). On an organic basis revenue grew by 10 per cent. This organic growth was achieved in both the Lifecare (10 per cent) and Wellness (11 per cent) divisions.
Subscription revenue increased 23% (€618k) to €3.3m and now makes up 80 per cent of total group revenue, a significant increase from the prior year’s comparative, which was 72 per cent.
Adjusted EBITDA of EUR 1.1m (EUR 0.9m) was generated resulting in an Adjusted EBITDA margin of 26 per cent (25 per cent).
Adjusted operating profit of EUR 0.1m (EUR 0.1m) was generated resulting in a margin of 1 per cent (3 per cent).
Adjusted ordinary and diluted profit per share totalled EUR 0.00 (EUR 0.00).
Cashflow generated from operations before the payment of adjusting items equalled EUR 1.0m (EUR 0.7m).
Free cash flow for the quarter was a net inflow of EUR 0.1m (outflow EUR 0.4m).
Pari poimintaa kommenteista
Champion Health secured significant contracts during the quarter, including the Cabinet Office, Network Rail and ACCA. Champion Health has a strong sales pipeline, and these agreements support the continued growth of the Wellness division.
The Growth target will now be that Physitrack aims to achieve a doubling of revenue within the medium term, replacing the previous target set in 2021 that targeted an annual organic sales growth exceeding 30 per cent in the medium term).
Edit: Redeyn pikakommentit
Redeye comments on Physitrack’s soild Q1 figures, which were in line with our expectations. Highlights include quarter-on-quarter growth, an annual recurring revenue (ARR) increase of 15% y/y, positive FCF, and Software as a Service (SaaS) revenues now constituting 80% (71%) of total revenues. Consequently, we anticipate moderate adjustments to our near-term estimates and fair value range.
ARR increased by 15% year-on-year, reaching EUR13.0m, surpassing our estimate by 6% and showing an 8% quarter-on-quarter growth. SaaS revenues now constitute 80% of total revenues, up from 72% last year, indicating a 23% year-on-year rise. We appreciate this shift towards SaaS revenue for its better margins and recurring nature
Accordingly, to management, 1/3 of the y/y growth is attributed to price increases and 2/3 to volume increases. Despite annual price hikes, churn levels trended inversely, implying pricing power
