The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018 as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019. Upon publication of this announcement, this inside information is now considered to be in the public domain.
DXS INTERNATIONAL PLC
(AQSE: DXSP)
ANNUAL RESULTS
for the year ended 30 April 2026
The Board of DXS International plc (AQSE: DXSP)(“the Company”), the AQSE Growth Market quoted healthcare information and digital clinical decision support systems provider, is pleased to announce its audited Final Results for the year ended 30 April 2026.
Financial Highlights
- Profit of £61,839 (2025: loss of £94,750).
- Revenue decreased 5.2% to £3,289,052 (2025: £3,469,917).
- Core recurring revenues remained resilient.
- Period-end available cash of £393,258, comprising £83,610 cash at bank and £309,648 of unutilised debtor drawdowns.
- Throughout this period our strategy has remained to carefully manage costs and cashflow supported by the conversion of accrued management and shareholder loans converted into equity at prices significantly above prevailing market levels.
Commercial Update
Continued investment in customer service and product development has resulted in all customers recently renewing their contracts for a further 18 months. We plan to implement a price increase between April and October 2027, reflecting inflation and expanded product capability. This has the potential to increase annual recurring revenue, although timing and value remain dependent on the new NHS framework.
Balance Sheet and Funding
The Group’s balance sheet strengthened during the year through the conversion of accrued management and shareholder loans into equity at prices significantly above prevailing market levels, minimising dilution to existing shareholders.
NHS Restructuring and Growth
NHS restructuring, which has constrained growth in recent years, is beginning to create meaningful opportunities for DXS. As Integrated Care Boards (ICBs) consolidate, our existing customer base is expected to encompass GP practices representing approximately 6-8 million additional patients who do not currently use DXS SMART Referrals, creating a significant upsell opportunity.
Product Development
SMART Referrals delivered a modest increase in revenue during the year, while our new NexGen SMART Referrals solution has received encouraging feedback from pilot sites. Opportunities within hospital specialist units are also emerging, focused on improving efficiency, reducing administrative workloads and delivering healthcare savings.
ExpertCare, which is aligned with NHS medicines optimisation priorities, is showing encouraging commercial interest, with further traction recorded during the first quarter of 2027.
Pharmaceutical Advertising revenue remained broadly stable, with a modest decline reflecting the timing of medicine information campaigns. It remains an important contributor to DXS revenue.
Outlook
The NHS remains under significant pressure to improve efficiency and patient outcomes, with digital clinical solutions expected to play an increasingly important role in healthcare delivery. This aligns strongly with DXS’ strategy and supports our continued investment in clinical technology, products and services.
David Immelman, Chief Executive of DXS, commented:
“After several challenging years, we believe DXS is increasingly well positioned to benefit from the opportunities emerging across the NHS. Our focus is firmly on converting these opportunities into sustainable recurring revenue growth and improved profitability.
These efforts are underpinned by a talented, dynamic and increasingly experienced team that understands the challenges facing our customers and how DXS can help address them. Alongside our focus on growth, we continue to invest in developing the next generation of leaders within the business, with senior members of the team actively mentoring and supporting their development to ensure continuity, strengthen our capabilities and position DXS for the future.”
The Directors of DXS International plc accept responsibility for this announcement. This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).
Contacts :
David Immelman, CEO Tel: 01252 719800
DXS International plc
www.dxs-systems.com
AQSE Corporate Broker and Corporate Advisor
Hybridan LLP Tel: 020 3764 2341
Claire Louise Noyce
Notes to Editors
About DXS:
DXS International is a UK-based digital health technology company that develops advanced clinical decision support and medicines optimisation solutions widely used across the NHS, particularly in primary care. Its software delivers evidence-based treatment guidelines and recommendations – sourced from Clinical Commissioning Groups and other trusted NHS authorities – directly to doctors, nurses, and pharmacists within their clinical workflow. By enabling better-informed decisions at the point of care, DXS helps improve patient outcomes, enhance safety, and support the NHS in achieving its efficiency and cost-saving objectives
The following information is extracted from the DXS International plc audited accounts for the year ended 30 April 2026.
CHAIRMAN’S REPORT
The year ended 30 April 2026 has been an important period for DXS. While NHS restructuring has delayed purchasing decisions across the UK healthcare sector, this process is creating significant revenue opportunities, explained in more detail below, for DXS. While progress has taken longer than we had hoped, we are now beginning to see tangible developments in several of the areas in which we have invested heavily.
Throughout this period of disruption, our strategy has remained consistent: to continue developing our technology, deliver a high-quality service to our existing customers and carefully manage costs and cashflow. Against this background, the Group returned to profitability during the year.
Financial Highlights
For the year ended 30 April 2026, turnover was £3,289,052 (2025: £3,469,917), with a profit of £61,839 compared with a loss of £94,750 in the prior year. This represents a reduction in turnover of approximately 5.2%, primarily reflecting delayed customer purchasing decisions during NHS restructuring, partially offset by a return to profitability following continued cost discipline. The Group had a reduced Loss from operations and the profit after tax was mainly driven by the R&D Tax credit. Available cash at 30 April 2026 was £393,258 (£83,610 in cash at bank and £309,648 available from the factoring house). The Board continues to monitor the Group’s cash position and working capital requirements closely.
Commercial Update
Our continued investment in customer service and product development has resulted in all of our customers recently renewing their contracts for a further 18 months. We plan to implement a price increase between April and October 2027, reflecting the cost of inflation and expanded product capability. If implemented as planned, we estimate this could significantly increase our annual recurring revenue, although the timing and quantum remain subject to a new NHS framework and are not guaranteed.
Balance Sheet and Funding
The Group’s balance sheet also strengthened during the year, supported by the conversion of accrued management and shareholder loans converted into equity at prices significantly above prevailing market levels; a structure which minimised dilution to existing shareholders. The Board is grateful for this continued support and commitment, which reflects confidence in the Group’s strategy, prospects and long-term potential.
NHS Restructuring and Growth
Importantly, the NHS restructuring that has constrained growth in recent years is now beginning to create meaningful opportunities for DXS. As ICB (Integrated Care Boards) consolidation, from 42 to 28, progresses towards its target, our existing customer base is expected to encompass GP practices representing approximately 6–8 million additional patients that do not currently use our flagship product – DXS SMART Referrals. If only 50% of these customers elected to standardise to DXS SMART Referrals across their practices, this could generate more than £1 million of additional annual recurring revenue. We currently expect the first such upsell opportunities to begin from January 2027, although this depends on the pace of ICB consolidation and on individual ICB customer decision-making, and may occur later.
Product Development
Our existing SMART Referral product showed encouraging results with a modest increase in revenue for the year. ICB customer requested product enhancements continue to be delivered, and our new NexGen SMART Referral solution is receiving enthusiastic feedback from pilot sites.
We are encouraged by progress in developing additional revenue streams. Our Managed Services offering provides clients with an ongoing liaison service with hospital specialist units, helping to ensure that thousands of referral forms remain aligned with their specific requirements and supporting continued reductions in referral rejections.
Our DXS Hubs, Metadata and SMART Forms services provide further opportunities to generate revenue from hospital specialist units and GP practices, while improving efficiency, reducing administrative workloads and delivering savings in both healthcare resources and expenditure.
Fully aligned with NHS priorities for medicines optimisation, our evidenced ExpertCare solution has also been impacted by NHS disruption. There are encouraging signs of commercial interest, and we anticipate further traction during the first quarter of 2027.
Pharmaceutical Advertising revenue remained broadly stable, with a modest decline largely reflecting changes in the timing of medicine information campaigns by advertisers. This remains an important and consistent contributor to DXS’ recurring revenue.
On 18 December 2025, the Board reported that it had suffered a cyber security incident affecting its office servers, which was swiftly contained. DXS has remained vigilant by implementing additional monitoring and security measures.
Outlook
The NHS continues to face significant pressure to improve healthcare efficiency and patient outcomes and is clear in its long-term strategy that digital clinical solutions will play an increasingly important role in healthcare delivery. This direction aligns strongly with DXS’ strategy and validates our continued investment in clinical technology, innovation and the development of our products and services.
After several challenging years, we believe DXS is increasingly well positioned to benefit from the opportunities emerging across the NHS. Our focus is now firmly on converting these opportunities into sustainable recurring revenue growth and improved profitability.
On behalf of the Board, I would like to thank our shareholders, customers and employees for their continued patience, commitment and support.
Bob Sutcliffe
REPORT OF THE DIRECTORS
The directors present their annual report and the audited financial statements for the year ended 30 April 2026. The Chairman’s statement which is included in this report includes a review of the achievements of the Company, the trading performance, financial position, and trading prospects.
DIRECTORS
The directors for the year were:
- Bob Sutcliffe – Chairman
- David Immelman – CEO
- Steven Bauer – COO
PRINCIPAL ACTIVITIES
The Group’s principal activities during the period were the development and distribution of clinical decision support to General Practitioners in the United Kingdom. The commercial side included the licensing of DXS to various ICBs (Integrated Care Boards) and the sale of e-detailing opportunities to the Pharmaceutical Industry.
The Group continues to invest in research and development both locally and internationally and during this financial year has invested £713,472 (2025 – £705,292) excluding the 2026 cost of £595,000 for research and development time spent by the South African subsidiary.
During the period the Group has repaid £61,387 on bank and third-party loans. The company borrowed a further loan of £100,000 with a balance of £89,964 at April 2026.
FINANCIAL INSTRUMENTS
The Directors believe that there is no material risk arising in respect of interest rates on loans, credit, and liquidity.
DIVIDEND
The Directors do not recommend a dividend.
DIRECTORS’ RESPONSIBILITIES
The directors are responsible for preparing the annual report and financial statements for each financial year. The directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the situation of the Group and Company and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to:
- Select suitable accounting policies and apply them consistently.
- Make judgments and accounting estimates that are reasonable and prudent.
- State whether UK accounting principles have been followed subject to any material and explained in the financial statements and,
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and Company will continue in the business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
DIRECTORS’ RESPONSIBILITIES TO AUDITORS
The directors have taken all the necessary steps that they ought to have taken as directors to make themselves aware of all relevant audit information and to establish that the Company’s auditors are aware of that information.
As far as the directors are aware, there is no relevant audit information of which the Company’s auditor is unaware.
Approved by the board and signed on its behalf by:
DA Immelman
10th September 2026
STRATEGIC REPORT
Section 172 Report
Section 172 of the Companies Act requires that a director of the Company is managing in the best interests of all stakeholders – Customers, Employees and Shareholders.
In the spirit of above, the Directors of DXS International plc, strive to maintain a reputation for high but fair standards in the best interest of its stakeholders.
Our primary focus is on our customers and here we regard our relationships and channels of communications of paramount importance. We operate in a sensitive environment, healthcare, and as such ensure that we meet all the standards required by our customers, such as Information Governance and Clinical Safety. In addition, we comply with ISO standards which assures an overarching good governance approach to all operations.
The Board is focused on delivering value for Shareholders underpinned by motivated Employees delivering above average delivery of solutions and service to Customers. In achieving the foregoing, the Company focuses on continued innovation via a policy of research and development funded through organic investment plus capital raises, as agreed at shareholder meetings.
In our communication to Shareholders the Board is clear in terms of its short, medium, and long-term strategy and maintains an open-door approach to Shareholders seeking additional clarity on any issue. The Board releases notices on a regular basis informing Shareholders of developments in areas of business progress, non-confidential strategic decisions, and any change to company policy. Risks and opportunities are set out in this strategic review.
The Group is small and while clear management structures are in place all employees, if required, have direct access to the Executive Directors daily and, if necessary, to the Chairman. The Group retains HR services to ensure the fair and equitable treatment of employees. The Company promotes a policy of promoting from within supported by training and mentorship. We encourage diverse thinking and recognise strengths and contribution to the business.
REVIEW OF THE GROUP’S BUSINESS
The Group profit for the year is £61,839 (2025: Loss of £94,750). The 2026 profit is primarily a result of prudent management of costs and an R&D tax credit.
As an accredited NHS solutions provider, DXS has well-established business continuity and disaster recovery protocols in place.
We have continued the development of our new Next-Gen cloud-based system and are in the process of piloting this new version with good results. We are close to completing the Lipids solution and hope to have this commercially viable by Jan 2027.
Although the NHS remains notoriously slow in adopting new technology, our sustained efforts are seeing gained awareness of our new SMART referral and CVD prevention solution which we believe will begin generating revenue in late 2026 or the first quarter in 2027.
Our strategy remains aligned with both the new NHS Long Term Plan and opportunities abroad.
PRINCIPAL RISKS AND UNCERTAINTIES
The going concern analysis was based on the premise that at worst we will retain existing revenue streams with growth coming only from our new Managed Service offer and a long overdue price increase in October 2027. In an eventuality of neither of these materialising, the company is prepared to implement necessary cost cuts.
The principal risk to the Company in the UK is that the NHS dramatically changes its plans or cuts its budgets. This seems unlikely, particularly with the current NHS’ stated objective for clinicians to operate using digital technologies with which our new Next-Gen and ExpertCare solutions are aligned.
Failure to achieve predicted quantities of DXS contracts, and slower development of additional revenue streams may result in revenues growing more slowly than anticipated. These may be mitigated due to existing DXS customers, with some GP practices not yet having the DXS SMART Referral solution, wanting to standardise with a single referral solution across their complete patch.
ANALYSIS OF BUSINESS DURING YEAR ENDING 30 APRIL 2026
NHS revenue was marginally up with overall revenue down by 5%, mainly due to a small drop in pharma revenue. Results improved with a profit of £61,839 (2025: Loss of £94,750) with available cash of £393,258.
FINANCIAL METRICS
- Group Revenue of £3,289,052 (2025: £3,469,917) has decreased by 5%. Definition: Total Group sales including distribution of clinical decision support to General Practitioners and the licensing of DXS to ICB’s which increased. Group Revenue includes the sale of medicine education slots to the pharmaceutical industry which marginally decreased.
- Underlying Group profit after Tax was £61,839. The profit is mainly a result of prudent management of costs and R&D tax credit.
- Earnings Per Share 2026 0.1p, 2025 (0.1p). Definition: Earnings per share is the underlying profit divided by the weighted average number of ordinary shares in issue.
- ROE 2026 (17%) 2025 (26%). Definition: Return on Equity (ROE) is the ratio of net profit of a company to its shareholders funds. It measures the profitability of a company by expressing its net profit as a percentage of its shareholders funds which include share capital, share premium, provision for costs of share option awards and retained earnings.
CORPORATE GOVERNANCE
We are committed to establish, maintain, and continually improve an Integrated Management System (IMS) that conforms to relevant ISO requirements.
To achieve this objective, we commit to:
- Continual improvement in our performance and services to our stakeholders.
- Identify, assess, reduce, and eliminate hazards and risks pertaining to our business.
- Set risk-based objectives and targets to meet applicable statutory, business, information security
and service level obligations.
- Comply with mutually agreed quality and service level requirements of our customers.
- Develop our people and provide sufficient resources to meet our objectives and targets.
We communicate the IMS Policy to all personnel working for or on behalf of DXS to ensure that they are made aware of their individual IMS obligations.
Approved by the board and signed on its behalf by:
D Immelman
10th September 2026
FINANCIAL STATEMENTS
INCOME STATEMENT
Year ended 30 April 2026
| |
|
2026
Continuing Operations |
|
2025
Continuing Operations |
| |
|
|
|
|
| |
|
£ |
|
£ |
| Turnover |
|
3,289,052 |
|
3,469,917 |
| Cost of Sales |
|
(428,209) |
|
(479,382) |
| |
|
_________ |
|
_________ |
| Gross Profit |
|
2,860,843 |
|
2,990,535 |
| |
|
|
|
|
| Grant income |
|
6,201 |
|
132,993 |
| Administration costs |
|
(2,925,528) |
|
(3,251,011) |
| |
|
|
|
|
| Depreciation and Amortisation |
|
– |
|
(1,038) |
| Operating Loss |
|
(58,484) |
|
(128,521) |
| Sundry income |
|
2,747 |
|
1,898 |
| |
|
_________ |
|
_________ |
| |
|
(55,737 |
|
(126,623) |
| Interest payable and similar expenses |
|
(40,215) |
|
(48,525) |
| |
|
_________ |
|
_________ |
| Loss on ordinary activities before taxation |
|
(95,952) |
|
(175,148) |
| Tax on loss on ordinary activities |
|
157,791 |
|
80,398 |
| |
|
_________ |
|
_________ |
| Profit / (Loss) for the year |
|
61,839 |
|
(94,750) |
| |
|
========= |
|
========= |
| Earnings per share |
|
|
|
|
|
|
|
0.1p |
|
(0.1p) |
|
|
|
0.1p |
|
(0.1p) |
| |
|
========= |
|
========= |
Statement of Other Comprehensive Income
| Year ended 30 April 2026 |
|
2026
£ |
|
2025
£ |
| Profit / (Loss) for the year |
|
61,839 |
|
(94,750) |
| Other comprehensive income |
|
– |
|
– |
| Tax on components of other comprehensive income |
– |
|
– |
| |
|
_________ |
|
_________ |
| Total comprehensive income / (loss) for the year |
61,839 |
|
(94,750) |
| |
|
========= |
|
========= |
Statement of Financial Position
As at 30 April 2026
| |
Group 2026 |
Group 2025 |
Company 2026 |
Company 2025 |
| |
£ |
£ |
£ |
£ |
| Fixed Assets |
|
|
|
|
| Intangible Assets |
1,455,000 |
1,455,000 |
– |
– |
| Tangible Assets |
– |
– |
– |
– |
| Investments |
– |
– |
744,300 |
535,768 |
| |
_________ |
_________ |
_________ |
_________ |
| |
1,455,000 |
1,455,038 |
744,300 |
535,768 |
| |
_________ |
_________ |
_________ |
_________ |
| Current assets |
|
|
|
|
| Debtors: amounts falling due within one year |
524,897 |
486,556 |
20,887 |
44,507 |
| Cash at bank and in hand |
83,610 |
428,957 |
13,072 |
16,810 |
| |
_________ |
_________ |
_________ |
_________ |
| |
608,507 |
915,513 |
33,959 |
61,317 |
| Creditors: amounts falling due within one year |
(553,967) |
(908,986) |
(126,984) |
(143,674) |
| |
_________ |
_________ |
_________ |
_________ |
| Net current assets / (liabilities) |
54,540 |
6,527 |
(93,025) |
(82,357) |
| |
_________ |
_________ |
_________ |
_________ |
| |
|
|
|
|
| Total assets less current liabilities |
1,509,540 |
1,461,527 |
651,275 |
453,411 |
| |
|
|
|
|
| Creditors: |
|
|
|
|
| Amounts falling due after more than one year |
(243,303) |
(285,353) |
(164,981) |
(95,939) |
| Deferred income |
(779,943) |
(814,542) |
– |
– |
| |
_________ |
_________ |
_________ |
_________ |
| |
486,294 |
361,632 |
486,294 |
357,472 |
| |
========= |
========= |
========= |
========= |
| Capital and reserves |
|
|
|
|
| Called up share capital |
227,857 |
211,273 |
227,857 |
211,273 |
| Share premium |
3,314,717 |
3,213,395 |
3,314,717 |
3,213,395 |
| Share option reserve |
15,159 |
15,159 |
15,159 |
15,159 |
| Retained earnings |
(3,071,439) |
(3,078,195) |
(3,071,439) |
(3,082,355) |
| |
_________ |
_________ |
_________ |
_________ |
| Shareholders’ funds |
486,294 |
361,632 |
486,294 |
357,472 |
| |
========= |
========= |
========= |
========= |
| |
|
|
|
|
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. The Company made a profit of £65,999 (2025 – loss of (£98,910) for the year.
The financial statements were approved and authorized for issue by the Board on 10th September 2026.
Signed on behalf of the Board of directors
D Immelman
Director |
R Sutcliffe
Director |
Company Registration number : 06311313
Statement Of Changes in Equity
Year ended 30 April 2026
Group
| |
Called -up share capital |
Share Premium |
Share Option Reserve |
Retained earnings |
Total |
| |
£ |
£ |
£ |
£ |
£ |
| At 30 April 2024 |
211,273 |
3,213,395 |
11,589 |
(2,988,871) |
447,386 |
| Transfer in respect of expired options |
– |
– |
(5,426) |
5,426 |
– |
| Cost of share options awarded |
– |
– |
8,996 |
– |
8,996 |
| Loss for the year |
– |
– |
– |
(94,750) |
(94,750) |
| |
_________ |
_________ |
_________ |
_________ |
_________ |
| At 30 April 2025 |
211,273 |
3,213,395 |
15,159 |
(3,078,195) |
361,632 |
| Share Issue |
16,584 |
46,239 |
– |
– |
62,823 |
| Transfer of reserves |
– |
55,083 |
– |
(55,083) |
– |
| Profit for the year |
– |
– |
– |
61,839 |
61,839 |
| |
_________ |
_________ |
________ |
_________ |
_________ |
| At 30 April 2026 |
227,857 |
3,314,717 |
15,159 |
(3,071,439) |
486,294 |
| |
========= |
========= |
========= |
========= |
========= |
Transfer from retained earnings to share premium was made in relation to the gain recognised from the waiver of loans to comply with the requirements of UK company law
Company
| |
Called -up share capital |
Share Premium |
Share Option Reserve |
Retained earnings |
Total |
| |
£ |
£ |
£ |
£ |
£ |
| At 30 April 2024 |
211,273 |
3,213,395 |
11,589 |
(2,988,871) |
447,386 |
| Transfer in respect of expired options |
– |
– |
(5,426) |
5,426 |
– |
| Cost of share options and warrants awarded |
– |
– |
8,996 |
– |
8,996 |
| Loss for the year |
– |
– |
– |
(98,910) |
(98,910) |
| |
_________ |
_________ |
_________ |
_________ |
_________ |
| At 30 April 2025 |
211,273 |
3,213,395 |
15,159 |
(3,082,355) |
357,472 |
| Share Issue |
16,584 |
46,239 |
– |
– |
– |
| Transfer of reserves |
– |
55,083 |
– |
(55,083) |
– |
| Profit for the year |
– |
– |
– |
65,999 |
65,999 |
| |
_________ |
_________ |
________ |
_________ |
_________ |
| At 30 April 2026 |
227,857 |
3,314,717 |
15,159 |
(3,071,439) |
486,294 |
| |
========= |
========= |
========= |
========= |
========= |
Transfer from retained earnings to share premium was made in relation to the gain recognised from the waiver of loans to comply with the requirements of UK law.
STATEMENT OF CASH FLOWS
Year ended 30 April 2026
| |
|
Group
2026 |
|
Group
2025
|
| |
|
£ |
|
£ |
| Cash flow from operating activities |
|
(476,186) |
|
247,071 |
| Interest paid |
|
(40,215) |
|
(48,525) |
| Sundry income |
|
2,747 |
|
1,898 |
| Loss on Foreign Exchange |
|
(13,097) |
|
– |
| R&D tax credit received |
|
142,791 |
|
195,798 |
| |
|
_________ |
|
_________ |
| Net cash flow from operating activities |
|
(383,960) |
|
396,242 |
| |
|
_________ |
|
_________ |
| |
|
|
|
|
| Financing Activities |
|
|
|
|
| Repayment of long term loans |
|
(61,387) |
|
(103,431) |
| Receipt of loan |
|
100,000 |
|
– |
| Advances from directors and senior staff |
|
– |
|
46,134 |
| |
|
_________ |
|
_________ |
| |
|
38,613 |
|
(57,297) |
| |
|
_________ |
|
_________ |
|
|
|
|
|
|
| Net increase / (decrease) in cash and cash equivalents |
|
(345,347) |
|
338,945 |
| Cash and Cash equivalents at 30 April 2025 |
|
428,957 |
|
90,012 |
| |
|
_________ |
|
_________ |
| Cash and Cash equivalents at 30 April 2026 |
|
83,610 |
|
428,957 |
| |
|
========= |
|
========= |
| Cash and Cash equivalents consists of: |
|
|
|
|
| Cash at bank and in hand |
|
83,610 |
|
428,957 |
| |
|
========= |
|
========= |
| |
|
|
|
|
| |
|
|
|
|
| Net Debt Reconciliation |
Current Debt |
Non Current Debt |
Cash |
Total |
| |
£ |
£ |
£ |
£ |
| At 30 April 2024 |
(286,629) |
(345,455) |
90,012 |
(542,072) |
| Non – Cash Flow |
– |
60,102 |
– |
60,102 |
| Cash Flow |
209,489 |
– |
338,945 |
548,434 |
| |
________ |
________ |
________ |
________ |
| At 30 April 2025 |
(77,140) |
(285,353) |
428,957 |
66,464 |
| Non – cash flow |
– |
80,663 |
– |
80,663 |
| Cash Flow |
|
(38,613) |
(345,347) |
(383,960) |
| |
_________ |
_________ |
________ |
_________ |
| At 30 April 2026 |
(77,140) |
(243,303) |
83,610 |
(236,833) |
| |
========= |
========= |
========= |
========= |
NOTES TO THE FINANCIAL STATEMENTS
Year ended 30 April 2026
Summary of significant accounting policies
(a) General information and basis of preparation.
DXS International PLC is a public company limited by shares incorporated in England and Wales. The address of the registered office is given in the company information on Page 1 of these financial statements.
The group’s principal activities during the year were the development and distribution of clinical decision support to General Practitioners, Nurses and Retail Pharmacies in the United Kingdom. The commercial side includes the licensing of DXS products to various ICB’s (Integrated Care Boards), the sale of e- detailing opportunities to the pharmaceutical industry, the UK Primary Care sector and the licencing of DXS technology to healthcare publishers.
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.
The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the company.
In the opinion of the Directors the group has sufficient funding to continue as a going concern for at least twelve months from the date of approval of the financial statements.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
(b ) Intangible assets
Intangible assets acquired separately from a business are capitalised at cost.
Research and development expenditure, other than specific identifiable development expenditure, is written off against profits in the year in which it is incurred.
Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. Developed products are for use within the NHS and other medical institutions within both the UK and internationally. The Group is already a supplier of services to the NHS.
Intangible assets are amortised over a straight line basis over their useful lives. The useful lives of intangible assets are as follows:
| Intangible type |
Useful life Reasons |
Reasons |
| Development expenditure |
5 years from the date that the specific product is available for distribution |
Period of time for benefit to be received. |
Provision was made for impairment in 2024 as the recoverable amount of the asset was less than its carrying amount based on Directors judgement of the future revenue to be derived from each product. The Directors have considered the current value of the asset and believe that no additional impairment charge is required in the current year. (Note 1(m))
(c ) Tangible fixed assets
The company capitalises items purchased as Tangible Fixed Assets which have a cost in excess of £550.
Tangible fixed assets are stated at cost less accumulated depreciation.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost , less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
| Office equipment |
3-4 years straight line. |
(d) Debtors and creditors receivable/ payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administration expenses.
(e) Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently they are measured at amortised cost using an effective interest rate method. If an arrangement constitutes a finance transaction it is measured at present value.
(f) Grants
Government Grants, including non – monetary grants, shall not be recognised until there is reasonable assurance that :
(a) the entity will comply with the conditions attached to them; and
(b) the grants will be received.
An entity shall recognise grants either based on the performance model or the accrual model. In the current year and prior year, the Grant has been accounted for on the accrual basis over the period in which the Group recognised the related costs for which the grant is intended to compensate.
(g) Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the reporting date.
(h) Turnover and other income
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policy adopted for the recognition of turnover is as follows:
Sale of services and products
Turnover is from the sale of products and services to the pharmaceutical industry and the UK Primary Care sector and is recognised over the term of service contract and is apportioned on a time basis representing the delivery of the service.
(i) Foreign currency
Foreign currency transactions are initially recognised by applying to the foreign currency amount the exchange rate between the functional currency and the foreign currency at the date of the transaction.
Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.
Foreign exchange gains or losses are recognised in the Income Statement.
(j) Employee benefits
When employees have rendered service to the company, short term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
(k) Leases
Rentals payable under operating leases are charged to the income statement on a straight line basis over the period of the lease.
(l) Share option policy
The company recognised as an expense, the fair value of share options granted over their vesting period. The fair value is calculated by applying an option pricing model.
(m) Key judgements and Key accounting estimates
The Key judgements or Key Accounting estimates with a material effect on the carrying value of assets and liabilities are set out below -.
Going concern
In regards to the going concern of the group, the directors have considered cash flow forecasts for the period to April 2028 which include estimates to be earned from the new Next Gen SMART Referral solution which is anticipated to be available for distribution during early 2027. Indications are that there will be a significant demand for this product. Existing Point of Care customers have all renewed their continuity contracts until September 2027. Also included within the Budget is a CPI price increase in April 2027 and a long overdue product price increase in October 2027. The renewal of the NHS central funding framework which is expected to become effective in October 2027 will enable existing NHS customers to procure the DXS SMART Referral solution for practices that as yet do not have the referral solution
The Expertcare solution has been selected, provisionally, for inclusion in a major project by the NHS commencing in early 2027.
The successful evaluations of both the SMART Referral and Expertcare solutions, both demonstrating strong ROI for the NHS, bode well for procuring new sales for these solutions for 2027/28.
The Pharma division has found a number of new customers since the year end. A price increase has also been implemented in the current year, which has been accepted by the current customers. The indication is that, with the benefit of the new products, this division will be expanding in the forthcoming year.
Also included are costs which, if forecasted sales are slower than anticipated, can be reduced accordingly. While the forecasts include a number of positive assumptions relating to new customer acquisitions, anticipated sales from recently developed products, future contract opportunities, planned price increases and potential cost mitigation actions, these represent managements best estimates rather than assumptions fundamental to the going concern assessment. Sensitivity analysis performed demonstrates that, even if these forecast benefits are excluded in full, the Group continues to maintain adequate liquidity and headroom throughout the forecast period and remains able to meet its liabilities as they fall due. Accordingly, the directors’ conclusion that the Group is a going concern is not dependent upon the successful delivery of these initiatives, and no material uncertainty relating to going concern has been identified.
Based on the foregoing, the directors consider it appropriate to adopt the going concern basis of accounting and are satisfied that there is no material uncertainty.
Research and Development Tax credit
The Research and Development tax credit received from HMRC is not a Government grant but a recognition of the costs incurred in respect of the company’s research and development and is received through an adjustment to the taxable income of the company.
Impairment
As per the NHS mandate requiring NHS accredited suppliers to continue a process of innovation, the Group has invested heavily into developing new innovative solutions to meet the NHS unmet needs. However, while there is no doubt as to the potential benefits to be realised for the NHS, the slow pace at which the NHS has been, and continues to operate is frustrating.
The Government did not provide the anticipated funding to the NHS during 2024/25 or 2025/26 . Funds were not available for purchase of new products by the NHS, The Government has indicated that significant funds for new products will be made available in the fiscal year commencing October 2027.
The slow pace at which the NHS has operated over the last few years has been extremely frustrating. The main reasons are the reduction in the ICBs causing staff concerns for potential staff redundancies, the delayed appointment of senior staff in the new combined organisations and the appointment of 2 Secretaries for State since the last General election.
There are indications that the NHS is slowly improving its delivery time for patients and is taking steps to resolve the current issues within product procurement.
The company’s products are in line with the those included in the NHS new 10 year plan. The new products are undergoing pilot testings. The initial reports indicate that only minor amendments to the products are required. And there appears a demand for these products when they have completed all the tests. There are also studies showing a significant cash saving to the NHS by the utilisation of these products
Given all these factors, the Directors believe that there are no impairment indicators and no further impairment provision is required in the current year.
(n) Reduced disclosure
DXS International PLC meets the definition of a qualifying entity under FRS 102 paragraph 1.12(b) and has therefore taken advantage of the disclosure exemption in relation to the parent cash flow statement.
Attachment
