Published: November 19, 2014
THE FOLLOWING IS A COMPANY ANNOUNCEMENT ISSUED BY 6PM HOLDINGS P.L.C. (“THE COMPANY”) IN COMPLIANCE WITH THE LISTING RULES.
Directors Interim Statement
The 6PM Group continued to experience a higher level of maturity, and as indicated during the Annual General Meeting held in June 2014, the internal strategy of the group was to focus on its core products, and eliminating third party involvement as much as possible within its solutions. Results are encouraging and the expectation is that with the change in internal strategy, a growth within the revenue and pre-tax profit can still be entertained. Business growth is being achieved as planned and the Directors are focused on delivering return to the shareholders to be able to recommend the distribution of dividends at the forthcoming Annual General Meeting.
Considering the changes entertained during 2014, the current business strategy has been updated so that a new 3-year strategy plan for 2015-2017 has been drawn up and approved by the Board of Directors. The focus of the Group will be to continue developing its core products, especially other verticals around the Intelligent File and Inventory Tracking (iFIT) system, so that business benefits can be sold to the various trusts. During the year, the Group has also launched another 2 products in the NHS clinical sector: StrokePAD (for stroke patients) which was developed and is being used at the University College London Hospitals NHS Foundation Trust which is recognized as the world leader in the treatment of stroke patients; and ConCERT-D (for dementia patients) developed in conjunction with the West London Mental Health Trust, a leading mental hospital within the UK NHS.
As indicated, iFIT is still a flagship product for the Group, and considering its impact, it was considered that a third-party software was being replaced by internally developed software. This change was all done during this year, and iFIT2 is currently being sold at new Trusts, whereas Trusts currently using iFIT are being migrated to iFIT2. Such a change has also contributed to a slowdown to sales, but at this current point, the sales pipeline of the Group is as strong as it has even been.
During the year, a lot of emphasis was also made to internationalize the 6PM brand, and to open new markets around the world. The Irish operation has produced good results within its first year of operation. The Group has also engaged persons in Macedonia, Scotland, Australia and Canada to test whether there is an appetite to sell the current suite of product solutions in these new markets.
Another investment that 6PM group made throughout the year was in US Company, Javali. The group has 10% in the US operation, with the target of opening an operation in Europe, where it will have a 45% stake. 6PM was also involved in the development of the revenue leakage product within the hospitals, and is being involved in the marketing of such a product in Europe. It is expected that within the coming years, such a product will have a significant impact on the results of the group.
Currently, the Executive team is preparing the 2015 business plan and the forward look is focused on further growth of the Group’s product portfolio, new markets and new investments. New opportunities will be evaluated in line with such business objectives, in order to increase shareholders’ value.