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EMIS Group – Just What The Doctor Ordered

By Anna Peel. Originally published at ValueWalk.

EMIS Group Tech Stocks Millennials Stocks worst performing mega cap stocks in February 2022
  • Emis Group Plc (LON:EMIS), the AIM-listed medical software provider has released annual results that have come in ahead of the market’s expectations.
  • Revenues grew by 6% to £168.2m and Earnings per share rose 10% to 56.1%.
  • The group raised its dividend for the 11th year in a row, lifting the pay-out by 10% to 35.2p per share for the year.

Q4 2021 hedge fund letters, conferences and more

  • Chief Executive Andy Thorburn hailed a “positive year of good growth and margin performance” and described EMIS as “well paced with products directly aligned to market need”. He said the group was “building momentum and well placed to perform strongly again in 2022”.

EMIS Group’s Earnings

Steve Clayton, fund manager of the HL Select UK Income Shares fund, which holds a position in EMIS shares:

“With 80% of its revenues recurring, and £64m of net cash on the bank, EMIS stands in a position of strength. Over half of English GP surgeries run their administration and patient records using EMIS Health products. Growth in the EMIS Enterprise division which serves the acute care markets is accelerating and reached double digits in the year. EMIS has been investing in its digital capabilities for years and is starting to reap the benefits. The core of the business, software for GP practices and community pharmacies provides an incredibly solid base of recurring revenues and cash flows. EMIS is using this to develop an ever-widening suite of services and software to support integrated healthcare that connects patients and specialist NHS service providers. Data and analytics are an ever-increasing part of the EMIS growth story, with acquisitions enhancing their capabilities here.

The consistency of EMIS’s cash flows feeds through to their dividend paying abilities. Eleven years of consecutive increases is a strong track record. With the payment well covered and the business performing, we see plenty of potential for that pay-out to grow further over time. That £64m cash pile provides further reassurance to the dividend and also offers the prospect of further boosting growth through funding earnings enhancing acquisitions. Overall these results were just what the doctor ordered and the market seems to agree, with the stock up 2% in early trading.”


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