30 September 2021

Rutherford Health plc

Full year results

Rutherford Health plc (AQSE: RUTH, the "Group"), a healthcare group committed to providing innovative cancer care of the highest quality, announces its full year audited results for the 12 months ended 28 February 2021.

Financial summary

  • Revenue growth of 30% to £7.3m (FY20: £5.6m)
  • Investment of £9.1m in property, plant and equipment (FY20: £19.6m)
  • Equity inflow of £9.7m
  • Final £10m drawn down from £20m debt facility
  • £55m funding package secured with Equitix Investment Management for Rutherford Diagnostics
  • Operating loss for the year of £31.1m (FY20: £25.7m).

Operational highlights

  • 45% growth in patient numbers across all services to despite reduction in referrals due to the pandemic, to 328 (FY20: 225)
  • 83% growth in number of NHS oncologists recruited to 120 (FY20: 65)
    • 44 now received specialist training in Proton Beam Therapy ("PBT") with a further 30 scheduled during 2021
  • Rutherford Cancer Centre North West opened in Liverpool in July 2020, with PBT due to be commissioned during 2022
  • Signed two key NHS agreements: NHS Shared Business Services to provide cancer services on demand, and NHS England framework agreement to provide cancer treatment and diagnostic imaging services to NHS trusts and clinical commissioning groups
  • Launch of Rutherford Direct, a new membership plan offering access to advanced cancer diagnostics and treatments
  • Launch of Rutherford Diagnostics - the first Rutherford Diagnostics Centre has been opened in Taunton, Somerset
  • All four Rutherford Cancer Centres remained operational throughout the pandemic; no staff furloughed

Post period-end

  • £40m infrastructure investment agreed with Equitix Investment Management to pay down debt, fund further investment and working capital
  • £12.35m placing of shares with new investor providing further funds for Working Capital.

Mike Moran, CEO of Rutherford Health, commented:

"Progress during the year was positive, with our cancer care provision being undisrupted by the global pandemic and important operational strides that lay the foundations for future growth.

"The Group is now debt free, with sufficient working capital to fund our ambitions over the medium-term. With the opening of our fourth cancer centre and the first of several anticipated community diagnostics hubs, we are well-positioned, enabling us to bring high-quality, all-encompassing healthcare care to more UK patients."

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.