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Preliminary results for the year ended 31 December 2016
Underlying* business revenues increase to £60.7m (2015: £54.9m)
Total revenues rise to £63.8m (2015: £58.8m)
Underlying EBITDA** loss of £9.8m (2015: loss of £15.1m)
Group Operating Loss of £20.9m (2015: £177.6m)
Total loss after tax of £69.1m (2015: profit of £274.9m) including £50.1m impairment of escrow receivable
Group net assets (excluding contingent liabilities) of £68.5m (2015: £137.1m) representing approximately 147 pence per share. Group reported net assets no longer includes the escrow receivable following impairment
Group cash and term deposits at 31 December 2016 of £81.2m (2015: £103.2m)
*Underlying includes Hubio, ingenie, Healthcare Services, BAS and Central
**EBITDA is Earnings Before Interest Tax Depreciation Amortisation and Impairments
Group complexity reduced with disposal or closure of a number of loss making, cash consumptive businesses
Growth and profitability delivered in our largest businesses, ptHealth and ingenie; InnoCare launched as spin out from ptHealth
Reshaping of Hubio completed including substantial reduction of cash requirements and the launch of our new UBI proposition based on ingenie’s leading IP
Plan to prepare all remaining businesses for possible divestment and establish new way of working with substantially reduced central group / board by the end of 2017
These preliminary results were approved by the Board of Directors on 26 April 2017 and the preliminary results have been extracted from the audited results for the year ended 31 December 2016.
The Annual Report and Accounts for the year ended 31 December 2016 will be released by 5 May.