Induction Healthcare Group PLC (AIM:INHC) finished its financial year with all metrics in line with already upgraded guidance and said it hit break-even on an underlying earnings basis.
Turnover for the 12 months March 31 was £12mln, while annual recurring revenues are now £15mln, up from £1.8mln at the same point last year.
The digital healthcare specialist said it exited the year with £8mln in the bank, adding its cash position had increased ‘significantly’ following the period-end.
This followed renewals of contracts with NHS England for Induction’s Attend Anywhere service that allows doctors to organise virtual consultations.
Looking ahead, the company said it would invest additional funds into projects that ‘underpin and de-risk’ its financial targets for 2023 and beyond.
Chief executive James Balmain said the scale of the opportunity for its Induction Zesty booking platform had ‘materially increased’ in recent months.
“We will use the extra cash that has been generated to accelerate investment into our product development and delivery capability, where we expect to see further growth in high quality, stable revenues as the push for the digital transformation of the NHS continues,” he added.