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EMIS publishes pathfinder prospectus
Wed, 08 Feb, 2012
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EMIS publishes pathfinder prospectus
Thu, 4 Mar 2010, 16:05:00
<b>EMIS Group</b> has published the pathfinder admission document for its planned flotation on AIM that is set to raise £25m for the healthcare software provider. The cash will be used to repay a £23m loan from the founders. Existing shareholders will sell £25m worth of shares on top of the new shares issued. EMIS is set for a valuation of around £200m. Evolution is nominated adviser and broker. Leeds-based EMIS generated an operating profit of £15.8m on revenues of £57.7m. this includes significant recurring revenues. There is a history of profitable growth and two dividends are promised each year. An initial interim costing £3.25m will be paid in October. EMIS was formed in 1987 by two GPs and is a leading supplier of software to GP surgeries. The software is used to hold 39m patient records, which means its market share is above 50%. The software allows GPs to access and change records, as well as to prescribe medicines and arrange appointments. The latest version is EMIS Web, which allows shared access to records and removes the need for more than one location to input the information. EMIS Web is being trialled by 14 Primary Care Trusts. The commercial roll-out should happen before the end of 2010. The AIM quotation provides EMIS with greater credibility when dealing with government customers. It also offers an opportunity to finance bolt-on acquisitions and incentivise management.
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