Totally PLC (LON:TLY) has said revenues are unlikely to grow at previously anticipated rates since new tenders are not currently available amid the coronavirus (COVID-19) pandemic.
The ‘out-of-hospital’ healthcare service provider had £10mln of cash as of August 31, 2020, without any debt financing.
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Its three divisions – urgent care, planned care and insourcing – were impacted differently by COVID-19 but they continued to operate with the NHS and are now figuring out plans for the winter.
Urgent care, which works with the emergency number 111, saw higher contacts and consultations as people were asked to self-isolate and to self-manage pre-existing conditions at home, resulting in higher revenue.
Conversely, the planned care division experienced lower demand as elective care was scaled down in UK hospitals, while a contract secured by About Health in Greater Manchester in February and set to start in April is now expected to commence in October.
Insourcing paused all services in the spring following decisions to suspend all elective surgery to prioritise COVID-19 cases.
Waiting lists have grown significantly across the UK and Ireland, so Totally expects to see increased demand over the coming months.
Shares slipped 11% to 17.49p on Monday at the opening bell.
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