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Induction Healthcare's recently acquired video consultation business lands significant contract

Published: 07:42 20 Jul 2021 BST

Induction Healthcare Group PLC -

Induction Healthcare PLC (LON:INHC) said the newly acquired medical video consultation business, Attend Anywhere, has won its first significant contract since the deal was completed last month.

It has renewed its commercial relationship with NHS Wales, though its scope has been expanded. Induction will receive £1.635mln of which £1.22mln will be booked in the current year.

Joint chief executive, James Balmain, said: "Our union brings together two teams with a common ethos and complementary products and services.

“We are excited by the impact that Attend Anywhere had working with NHS Wales and look forward to giving staff and patients in Wales increasingly flexible options for delivering and receiving care in the year ahead - even after local restrictions have been lifted."

Induction funded the purchase of Attend Anywhere via a £25mln share placing. It put down an initial £15.56mln, with the vendors potentially receiving a further £10mln over time.

For that, the med-tech specialist took control of the UK market leader in video consultation in secondary care with 200,000 patients.

The enlarged business has £9.5mln in annual contracted revenues, with over 80% of those sales recurring. Induction believes the deal will “accelerate the group's transition to profitability”.

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