02 November 2021
Rutherford Health plc
Interim Accounts for the six months ended 31 August 2021
Rutherford Health plc (AQSE: RUTH, the "Company", or the "Group"), the healthcare group committed to providing innovative cancer care of the highest quality, announces its unaudited interim results for the six months ended 31 August 2021.
Highlights for the period
- Revenues up 36% to £4.850m compared to the first half of FY21 (H1 2021: £3.575m).
- A key driver of revenue growth was from expansion of the Company's activities into Diagnostics.
- NHS contracts entered into at the end of the period in Thames Valley and South Wales for radiotherapy and diagnostic support.
- Completed Infrastructure funding transaction of £40m with Equitix Investment Management Limited in relation to one of the Group's four cancer centres and repayment of Triple Point loan of £18.597m
- Significant reduction in capital spend during the period (£0.924m) (H1 2021: £7.820m) reflecting the fact that the Group's centres are all now open.
Post-period end operational highlights
- Trend towards increasing demand: particularly strong trading in September with monthly unaudited revenue in excess of £1 million.
- Significant increase in number of Proton trained Oncologist's with practicing privileges (84 now compared to 65 at the beginning of the financial year) with a strong pipeline of additional of additional consultants.
- Opening of first Rutherford Diagnostics Centre in Taunton, Somerset in September 2021 - in partnership with Somerset NHS Foundation Trust, expected to be a driver of future revenue.
- In partnership with Panthera, first patient treated in the first clinical trial to take place at a Rutherford Cancer Centre: expected to raise the profile of the Group and its state-of-the-art facilities.
- Focus on driving the Group's revenue generating opportunities.
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.
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