EMIS’s FY19 trading update was reassuringly straightforward. H219 revenue and profit growth was similar to the rate in H119, which is within the company’s target for mid- to high single-digit growth. Both divisions made steady progress, with EMIS-X development ongoing and restructuring complete. We maintain our forecasts; FY19 results are due on 18 March.
EMIS traded in line with board expectations for FY19. Revenue and adjusted profit grew at a similar rate in H219 to the rate in H119. Net cash (before lease liabilities) was £31.3m at year-end (our forecast £30.9m). On a divisional basis, EMIS Health saw all businesses maintain their market share. The focus in the primary care business is now on meeting the requirements of the GP IT Futures framework, on which the company previously announced it had won a place. EMIS Enterprise continued to make good progress. In the Patient business, the controlled roll-out of new functionality within the Patient Access app completed the first phase of the connected healthcare marketplace. The development of EMIS-X is on track and the company completed the restructuring that started in H119. FY19 results will be announced on 18 March.