Positive Healthcare Plc

September 29, 2016 12:11 ET

Half-year Report

                                            POSITIVE HEALTHCARE PLC
           ("Positive Healthcare" or the "Company" and, together with its subsidiaries, the "Group")
                               INTERIM RESULTS FOR THE PERIOD ENDED 30 JUNE 2016

I am pleased to present the interim condensed consolidated financial results of Positive Healthcare Plc for the
period from 2 November 2015 to 30 June 2016. The Company was incorporated on 2 November 2015.

Business and operations
Positive Healthcare PLC continues to hold investments in companies within the healthcare recruitment sector  in
the  UK. Since being admitted on the ISDX growth market, the Company has raised debt finance of GBP1.33 million
via  a  Bond issue and used the funds to complete the acquisition of a 75% stake in Capital Care Services  (UK)
Limited and Fine Locums Limited on the 30th June 2016.

Both  of  these businesses operate within the healthcare recruitment industry. Based in London, they specialise
in  the  recruitment  of locum nurses, doctors and domiciliary care workers. The Directors  are  confident  the
addition of these two companies within the group will result in a significant improvement in the future  profit
outlook for the Group.

Capital Care Services (UK) Limited generated a revenue of GBP3.21 million for the period from 1 January 2016 to
30  June 2016 and EBITDA of GBP154,000 for the same period. Fine Locums Limited generated revenue of GBP504,190
for  the  period  from January 2016 to June 2016 and EBITDA of GBP37,830 for the same period.  Neither  company
contributed any revenue or profit towards the Group's performance for the period under review.

Financial results
The  interim condensed consolidated EBITDA for the period is (GBP50,701) and loss after exceptional  items  and
taxation  was  GBP252,766  on  consolidated  revenue of GBP1,140,993.  The  exceptional  items  comprise  costs
associated with the bond issue of GBP154,300.

The  first half of 2016 has been an exciting time of change and growth for Positive Healthcare. The acquisition
of  the majority stake of CCS and Fine Locums in June has given the Group an enlarged platform for growth.  The
increasing  number of people living in the UK, combined with an ageing population, contribute to an  insatiable
appetite for free healthcare and as a result the NHS struggles to keep pace which leads to a growing demand for
a flexible workforce plus a growing over-run into the private sector creating opportunities there too.

The  acquisitions coupled with our existing business gives a 3 times Bond cover on a normalised basis excluding
fundraising fees.

The  Company  has invested in more fee earners, an updated CRM system and stronger marketing to attract  nurses
and  doctors  and  service  the new framework awards that have been won during the reporting  period.  We  look
forward to further organic growth and continue to evaluate strategic acquisitions in the sector.

We would like to take this opportunity to thank the entire staff of the Company for their hard work and passion
during this period of change, without whom, none of this would have been possible.

Gary Ashworth                                            Christopher Paul Ledbury
Chairman                                        Chief Executive Officer

The Directors of Positive Healthcare accept responsibility for this announcement.

For further information, please contact:

Positive Healthcare plc
Chris Ledbury - CEO
Tel: +44 (0) 203 587 7566
Email: chris@positivementalhealth.co.uk

Peterhouse Corporate Finance Limited
Mark Anwyl and Fungai Ndoro
Tel: +44 (0) 20 7469 0930


                                                              Notes                                       GBP
Revenue                                                                                             1,140,993
Cost of sales                                                                                       (885,983)
Gross profit                                                                                          255,010
Administrative expenses                                                                             (306,902)
Exceptional costs                                               4                                   (154,300)
Finance cost                                                    5                                    (46,574)
Loss before tax                                                 6                                   (252,766)
Taxation                                                        7                                           -
Profit for the year                                                                                 (252,766)
Attributable to:                                                                                             
Equity holders                                                                                      (252,766)

Earnings per share                                                                                      Pence
Basic earnings per share attributable to equity holders         8                                     (5.055)
of the parent
Diluted earnings per share attributable to equity               8                                     (5.055)
holders of the parent

AS AT 30 JUNE 2016

                                    Notes                                                             GBP        
Non-current assets                                                                                               
Intangible assets                     9                                                         1,002,540        
Property, plant and equipment         10                                                           81,168        
Current assets                                                                                                   
Trade and other receivables           11                                                        1,954,601        
Cash and cash equivalents             12                                                          116,491        
TOTAL ASSETS                                                                                    3,154,800        
EQUITY AND LIABILITIES                                                                                           
Equity attributable to equity holders                                                                            
Share capital                         13                                                           50,000        
Retained earnings/(deficit)                                                                     (252,766)        
Non-controlling interest                                                                          238,784        
Total equity                                                                                       36,018        
Non-current liabilities                                                                                          
Borrowings                            14                                                        1,330,675        
Current liabilities                                                                                              
Trade and other payables              15                                                        1,788,107        
TOTAL EQUITY AND LIABILITIES                                                                    3,154,800        
The financial statements were approved and authorized for issue by the Board on 27 September 2016.

Gary Ashworth

Company Registration number: 09852871

Group                                      Share          Retained             Non-           Total
                                         capital         earnings/      controlling
                                                         (deficit)         interest
                                             GBP               GBP                              GBP
Balance as at 2 November 2015             50,000                 -                -          50,000
Loss for the period                            -         (252,766)                        (252,766)
Non-controlling interest                       -                 -          238,784         238,784
Balance as at 30 June 2016                50,000         (252,766)          238,784          36,018

                                                    Notes                                                 2016   
Loss for the period                                                                                  (252,766)   
Cash flow from operating activities                                                                              
Adjustments for:                                                                                                 
Depreciation                                                                                             1,191   
Bond issue costs                                                                                       154,300   
Decrease/(increase) in receivable                                                                       62,838   
(Decrease)/increase in payables                                                                        454,333   
Net cash generated in operating                                                                        672,662   
Cash flows from investing activities                                                                             
Acquisition of subsidiaries, net of                   19                                            (1,529,780   
cash acquired                                                                                                )
Net cash used in investing                                                                          (1,529,780   
activities                                                                                                   )

Cash flows from financing activities
Share issue                                                                                             50,000   
Bond issue net of costs                                                                              1,176,375   
Net cash generated from finance                                                                      1,226,375   

Net increase in cash and cash                                                                          116,491   
Cash and cash equivalents at the                                                                             -   
beginning of the period
Cash and cash equivalents at end of                   12                                               116,491   
the period


1    General information
The  interim  condensed financial statements of Positive Healthcare Plc and its subsidiaries (collectively  the
"Group")  for  the period ended 30 June 2016 were authorised for issue in accordance with a resolution  of  the
directors on 27 September 2016

Positive  Healthcare  Plc  is  a  company registered in England and wales  under  company  registration  number
09852871,  whose bond is listed on the ISDX Growth Market. The registered office is located at 18  Raven  Road,
London, E18 1HB. The group is principally engaged in recruitment within the Healthcare sector.

These  unaudited  interim  condensed consolidated financial statements, which comprise  condensed  consolidated
statement   of  comprehensive  income,  condensed  consolidated  statement  of  financial  position,  condensed
consolidated statement of changes in equity, condensed consolidated statement of cash flows and related  notes,
do not constitute full accounts within the meaning of s435 (1) and (2) of the Companies Act 2006.

2.   Standards, amendments and interpretations to published standards not yet effective

The  following  standards and interpretations (and amendments thereto) have been issued  by  the  International
Accounting  Standards Board (IASB) and its International Financial Reporting Interpretations Committee  (IFRIC)
which  are not yet effective and have not been adopted, many of which are either not relevant to the group  and
parent company or have no impact on the financial statements of the group and parent company.

                                                                                             Effective Dates *
IFRS 9 Financial instruments: Classification                                                  1 January 2018
IFRS 14 Regulatory deferral accounts                                                          1 January 2016
IFRS 15 Revenue from contracts with customers                                                 1 January 2017
IAS 16 Amendments bringing bearer plats into scope of IAS 16                                  1 January 2016
IAS 41 Amendments bringing bearer plants into scope of IAS 16                                 1 January 2016

*  The  effective  dates stated above are those given in the original IASB/IFRIC standards and interpretations.
As  the  group  and parent company prepares it financial statements in accordance with IFRS as adopted  by  the
European Union (EU), the application of new standards and interpretations will be subject to their having  been
endorsed for used in the EU via the EU Endorsement mechanism.  In the majority of cases this will result in  an
effective  date  consistent  with  that given in the original standard  of  interpretation  but  the  need  for
endorsement restricts the group and parent company's discretion to early adopt standards.

3.   Basis of presentation and significant accounting policies
The  principal  accounting  policies applied in the preparation of the group  and  parent  company's  financial
statements are set out below. These policies have been consistently applied to all the years presented,  unless
otherwise stated.

3.1  Basis of presentation
These  consolidated  financial  statements are prepared in accordance with  International  Financial  Reporting
Standards (IFRS), as adopted for use in the European Union and issued by the International Accounting Standards
Board.  The  consolidated  financial  statements are presented in Sterling,  the  group  and  parent  company's
functional currency.

IFRS requires management to make certain critical accounting estimates and to exercise judgement in the process
of  applying  the  group's  accounting policies. These estimates are based on the  directors'  and  independent
professional's best knowledge and past experience.

In  the  opinion of the directors, based on the group's budgets and financial projections, they have  satisfied
themselves  that  the business is a going concern. The board has a reasonable expectation that  the  group  has
adequate  resources to continue in operational existence for the foreseeable future and therefore the  accounts
are prepared on a going concern basis.

3.2  Basis of consolidation
     The financial statements incorporate the financial statements of the Company, its subsidiary and associated
entities made up to 30 June 2016.

The  financial  statements incorporate the financial statements of the Company and entities controlled  by  the
Company made up to the period ended 30 June 2016.

Control  is  achieved  where the Company has the power to govern the financial and  operating  policies  of  an
investee  entity  so  as to obtain benefits from its activities. The financial statements of  subsidiaries  are
included in the financial statements from the date that control commences until the date that control ceases.

On  acquisition,  the assets and liabilities and contingent liabilities of a subsidiary are measured  at  their
fair  values  at  the date of acquisition. Any excess of the cost of acquisition over the fair  values  of  the
identifiable net assets acquired is recognised as goodwill. Any deficiency of the cost of acquisition below the
fair  values of the identifiable net assets acquired (i.e. discount on acquisition) is credited to  profit  and
loss in the period of acquisition. The interest of minority shareholders is stated at the minority's proportion
of  the  fair  values  of  the assets and liabilities recognised. Subsequently, any losses  applicable  to  the
minority interest in excess of the minority interest are allocated against the interests of the parent.

The  results  of  subsidiaries acquired or disposed of during the year are included in the consolidated  income
statement from the effective date of acquisition or up to the effective date of disposal, as appropriate.

Where  necessary,  adjustments are made to the financial statements of subsidiaries  to  bring  the  accounting
policies used into line with those used by the Group.

All intra-Group transactions, balances, income, expenses and unrealised gains are eliminated when preparing the
historical  financial  information. Unrealised losses are eliminated in the same way as unrealised  gains,  but
only to the extent that there is no evidence of impairment.

Investments are recognised and derecognised on a trade date where a purchase or sale of an investment is  under
a  contract  whose  terms  require delivery of the investment within the timeframe established  by  the  market
concerned, and are initially measured at cost, including transaction costs.

Goodwill  arising  on consolidation represents the excess of the fair value of consideration over  the  Group's
interest  in  the  f  air value of the identifiable assets, liabilities and contingent liabilities  recognised.
Goodwill  is recognised as an asset and reviewed for impairment at least annually. Any impairment is recognised
in  the  income  statement  and  is not subsequently reversed. Acquisitions accounted  for  under  IFRS  3  the
consideration  used  in  the  calculation  of  goodwill includes third  party  costs  incurred  to  effect  the
acquisition.  Following the adoption of IFRS 3 (revised) (acquisitions from 1 January  2010)  these  costs  are
expensed through the income statement and included in costs of acquisitions.

On  disposal of a subsidiary or associate, the attributable amount of goodwill is included in the determination
of the profit or loss on disposal.

For acquisitions accounted for under IFRS 3, future anticipated payments to vendors in respect of earn outs are
based  on the Directors' best estimates of the fair value of future obligations, which are dependent on  future
performance  of  the  interests  acquired  and assume the operating companies  improve  profits  in  line  with
Directors'  estimates and are included in liabilities greater or less than one year as appropriate. There  will
be no depreciation or amortisation of goodwill in the month of acquisition.

Following  the adoption of IFRS 3 (revised), changes to earn outs are recorded in the income statement  through
costs  of acquisitions. In this instance, when earn outs are to be settled in cash or share consideration,  the
fair  value of the consideration is obtained by discounting to present value the amounts expected to be payable
in the future. The resulting interest charge is included within finance costs of deferred consideration.

When  a business is acquired from former shareholders who become employees of the Group, should their earn  out
payments  be  dependent  on  continuing  employment then all payments are  treated  as  remuneration  for  post
acquisition services. This is a change to the previously adopted policy of the Group and is as a result of  the
publication  in  January  2013  of the IFRS IC Update of the Committee's agenda decision  on  IFRS  3  Business
Combinations-Continuing employment.

The  charge  to the income statement is included in deemed remuneration and the fair value of the liability  is
included  as  deemed  remuneration in the balance sheet, classified as current or  non-current  liabilities  as

In  accordance with IFRS an impairment charge is required for both goodwill and other indefinite  lived  assets
when  the  carrying amount exceeds the 'recoverable amount', defined as the higher of fair value less costs  to
sell and value in use.

Our  approach  in  determining  the  recoverable amount utilises a  discounted  cash  flow  methodology,  which
necessarily involves making numerous estimates and assumptions regarding revenue growth, operating margins, tax
rates, appropriate discount rates and working capital requirements.

These  estimates will likely differ from future actual results of operations and cash flows, and it is possible
that  these differences could be material. In addition, judgments are applied in determining the level of cash-
generating unit we identify for impairment testing and the criteria we use to determine which assets should  be

3.3  Financial assets
Held to maturity investments

Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and  fixed
maturity  dates that the group has the positive intent and ability to hold to maturity.  Subsequent to  initial
recognition,  held-to-maturity investments are measured at amortised cost using the effective  interest  method
less any impairment

Available for sale financial assets (AFS Financial Assets)

AFS  financial assets are non-derivatives that are either designated as AFS or are not classified as  (a)  loan
and  receivables,  (b) held-to-maturity investments or (c) financial assets at fair value  through  profit  and

Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determined payments that are not quoted
in  an active market and do not qualify as trading assets.  Such assets are carried at amortised cost using the
effective  interest method if the time value of money is significant.  Gains and losses are recognised  in  the
consolidated  statement of comprehensive income when the loans or receivables are derecognised or impaired,  as
well as through the amortisation process.

3.4  Cash and cash equivalents
These include cash in hand, deposits held at call with banks and bank overdrafts

3.5  Trade and other receivables
Trade  and  other receivables are recognised by the group and carried at the original invoice  amount  less  an
allowance for any uncollectable or impaired amounts.

Other receivables are initially recognised at fair value.

An estimate for doubtful debts is made when the collection of the full amount is no longer probable.  Bad debts
are written off to the consolidated statement of comprehensive income when they are recognised as being bad.

3.6  Trade and other payables
These  are initially recognised at fair value and then carried at amortised cost. These arise principally  from
the receipt of goods and services.

3.7  Provision
A  provision  is recognised in the consolidated statement of financial position when the group  has  a  present
legal  or  constructive obligation as a result of a past event, and it is probable that an outflow of  economic
benefits  will  be required to settle the obligation.  If the effect is material, provisions are determined  by
discounting the expected future cash flows at a pre-tax rate that reflects the current market assessment of the
time value of money and, where appropriate, the risks specific to the liability.

3.8  Taxation
The tax expense represents the sum of the tax currently payable.

The  tax  currently payable is based on taxable profit for the year. Taxable profit differs from net profit  as
reported  in the consolidated statement of comprehensive income because it excludes items of income or  expense
that  are  taxable  or  deductible  in other years and it further excludes items  that  are  never  taxable  or
deductible.  The  group's liability for current tax is calculated using tax rates that  have  been  enacted  or
substantively enacted by the consolidated statement of financial position date.

3.9  Deferred tax
Deferred  tax  is  recognised in respect of temporary differences between the carrying amounts  of  assets  and
liabilities for financial reporting purposes and the amounts used for taxation purposes.  Deferred tax  is  not
recognised for:

    -       temporary differences on the initial recognition of assets or liabilities in a transaction that is not
        a business combination and that affects neither accounting nor taxable profit or loss;
    -       temporary differences related to investments in subsidiaries to the extent that the group is able to
        control the timing of the reversal of the temporary differences and it is probable that they will not reverse
        in the foreseeable future; and
-       taxable temporary differences arising on the initial recognition of goodwill.
The  measurement of deferred tax reflects the tax consequences that would follow the manner in which the  group
expects,  at  the  end  of the reporting period, to recover or settle the carrying amount  of  its  assets  and

Deferred  tax is measured at the tax rates that are expected to be applied to temporary differences  when  they
reverse, using tax rates enacted or substantively enacted at the reporting ate.

Deferred  tax assets and liabilities are offset if there is a legally enforceable right to offset  current  tax
liabilities  and assets, and they relate to taxes levied by the same tax authority on the same taxable  entity,
or  on difference tax entities, but they intend to settle current tax liabilities and assets on a net basis  or
their tax assets and liabilities will be realised simultaneously.

A  deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences  to
the  extent  that  it  is  probable that future taxable profits will be available against  which  they  can  be
utilised.  Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is  no
longer probable that the related tax benefit will be realised.

3.10 Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and
the  revenue can be reliably measured. All such revenue is reported net of discounts and value added and  other
sales taxes

3.11 Interest expense recognition
Interest  expense is recognised as interest accrues, using the effective interest method, on the  net  carrying
amount of the financial liability.

3.12 Borrowings
Borrowings  other  than  bank overdrafts are recognised initially at fair value less  attributable  transaction
costs.   Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between
the  amount  initially  recognised  and redemption value being recognised  in  the  consolidated  statement  of
comprehensive income over the period of the borrowings, using the effective interest method.

4.   Exceptional items
     Exceptional items comprise the following:

Period ended
                                                                                                          30 June
Bond issue costs                                                                                                 

5.    Finance costs

                                                                                                        Period Ended
                                                                                                        30 June 2016
Interest paid to bond holders                                                                                 46,574

6.   Operating loss
Operating loss is stated after charging the following:-

Depreciation                                                                                             1,191

7.   Taxation
                                                                                                   Period ended
                                                                                                   30 June 2016
Current year tax expenses                                                                                    -

     On the basis of these financial statements no provision has been made for UK corporation tax

8.   Earnings per share
The basic earnings / (deficit) per share is calculated by dividing net profit or loss for the year attributable
to ordinary equity holders by the weighted average number of ordinary shares during the year.

The  diluted  earnings / (deficit) per share is calculated by dividing the net profit or loss  attributable  to
ordinary  shareholders after adjustments for instruments that dilute basic earnings per share by  the  weighted
average of ordinary shares outstanding during the year (adjusted for the effects of dilutive instruments).
                                                                       Earnings/      30 June 2016      Per
                                                                          (loss)          Weighted      share
                                                                                           average      amount
                                                                                         number of
  Basic EPS                                                                  GBP                        Pence
  Loss attributable to ordinary shareholders                             252,766            50,000          5.055
  This is the same as the Diluted EPS.

9.   Intangible assets

  Group                                                         Goodwill         Development             Total
                                                                     GBP                 GBP               GBP
  Additions during the period                                    999,239                   -           999,239
  Acquired on acquisition of                                           -               3,301             3,301
  Fair value adjustments                                               -                   -                 -
  As at 30 June 2016                                             999,239               3,301         1,002,540
Goodwill arose on acquisition of subsidiaries as detailed in Note 19

10.  Property plant and equipment

  Group                                                                                         Property Plant
                                                                                                 and Equipment
  As at 2 November 2015                                                                                      -
  Acquired on acquisition of subsidiary                                                                 82,019
  Additions during the period                                                                              340
  Cost as at 30 June 2016                                                                               82,359
  Depreciation as at 2 November 2015                                                                         -
  Charge for the period                                                                                  1,191
  Depreciation as at 30 June 2016                                                                        1,191
  Net Book Value                                                                                              
  At 30 June 2016                                                                                       81,168

11.  Trade and other receivables

                                                                                                 30 June 2016
  Trade receivables                                                                                 1,619,463
  Other receivables                                                                                   335,138

12.  Cash and cash equivalents

  Group                                                                                           30 June 2016
  Cash at bank                                                                                         116,491

13.  Share capital

  Group                                                                                           30 June 2016
  Issued share capital                                                                                        
  50,000 ordinary shares of GBP1 each                                                                   50,000

14   Borrowings

                                                                                                30 June 2016
  Amounts due to bond holders                                                                      1,330,675
  During the period to 30 June 2016, the group issued 1,330,675 bonds of GBP1 each maturing in 2021,
  carrying an interest rate of 7% per annum.

15.  Trade and other payables

                                                                                              30 June 2016
Trade payables                                                                                     545,215
Other payables                                                                                     355,603
Shareholder loans                                                                                  608,157
  Taxation and social security                                                                     279,132

16.  Financial instruments
In  common  with  other  businesses, the group is exposed to the risk that arises from  its  use  of  financial
instruments.  This note describes the group's objectives, policies and processes for managing those  risks  and
the  methods  used  to measure them.  Further quantitative information is found throughout  these  consolidated
financial statements.

16.1 Principal financial instruments
The principal financial instruments of the group, from which financial instrument risk arises, are as follows:

                                                                                                   30 June
  Cash and cash equivalents                                                                        116,491
    Trade and other payables                                                                   (1,788,107)
    Non- current borrowings                                                                    (1,330,675)
  Trade and other receivables                                                                    1,954,601

16.2 Financial risk management objectives and policies

Credit risk
The  group trades only with recognised, credit worthy customers. All customers who wish to trade on credit  are
subject  to  credit verification checks. Customer balances are checked regularly to ensure  that  the  risk  of
exposure to bad debts is minimised.

The  group's cash balances are all held with major banking institutions. The majority of trade receivables  are
due  from credit worthy customers and or financial institutions and are automatically settled within a few days
of arising. It is not thought that the credit risk is significant.

Liquidity risk
The  group  have  given responsibility of liquidity risk management to the board who have formulated  liquidity
management tools to service this requirement.

Management of liquidity risk is achieved by monitoring budgets and forecasts and actual cash flows.

Market risk
The  group's  main  exposure to risk is through interest rates. The group enters into the following  derivative

Interest rate risk
The group is subject to interest rate risk as its bank balances are subject to interest at a floating rate. The
interest rate on bank balances at 30 June 2016 was 0.5%.

Foreign currency risk
Some  trade payables are denominated in foreign currencies however these liabilities are settled within  a  few
days of arising so the risk to the group is low.

Fair value risk
In  view  of  the  above interest arrangement it is thought that fair value risk is minimal and that  financial
instruments are stated in the consolidated statement of financial position at value not significantly different
from their fair value.

17.  Related party transactions
Included  within the trade and other payables within the group's balance sheet is an amount of GBP600,000  owed
to G Ashworth a director of the Company and controlling shareholder.

18.  Other financial commitments
As at 30 June 2016 the group were committed to make payments during the next year in respect of non-cancellable
operating leases amounting to GBP35,000 in respect of its premises at 18 Raven Road, London, E18 1HB

19.  Acquisition of subsidiaries
On 06 November 2015 the Company acquired 100% of the issued share capital of Positive Mental Health Limited, a
company within the healthcare recruitment sector.

The identifiable net assets acquired were as follows:-

  Property plant and equipment                                                      4,406
    Trade and other receivables                                                   375,519
    Cash and cash equivalents                                                         550
  Trade and other payables                                                      (509,930)
  Net liabilities acquired                                                      (129,455)

Goodwill was recognised as a result of the acquisition as follows:-

  Total purchase price                                                                100
    Add: Net liabilities acquired as above                                        129,455
  Goodwill                                                                        129,555

On  30 June 2016 the Company acquired 75% of the issued share capital of Capital Care Services (UK) Limited,  a
company specialising in recruitment of temporary nurses, doctors and domiciliary care workers.

The identifiable net assets acquired were as follows:-
  Property plant and equipment                                                     64,510
  Development costs capitalised                                                     3,301
    Trade and other receivables                                                 1,469,365
    Cash and cash equivalents                                                      20,776
  Trade and other payables                                                      (747,517)
  Net assets Acquired 75%                                                         607,826

Goodwill was recognised as follows:-
  Total purchase price including legal costs                                    1,316,036
    Less:- Net assets acquired                                                  (607,826)
  Goodwill                                                                        708,210

During  the  period to 30 June 2016, Capital Care Services (UK) Limited did not contribute towards the  group's
revenue or loss for the period. The trading results for the period under review for Capital Care Services  (UK)
Limited were as below:-
  Revenue                                                                           3,210
    Profit after tax                                                                  148

On  30  June  2016  the  Company acquired 75% of the issued share capital of Fine  Locums  Limited,  a  company
specialising in recruitment of temporary nurses within the healthcare sector.

The identifiable net assets acquired were as follows:-
  Property plant and equipment                                                     13,184
    Trade and other receivables                                                   172,813
    Cash and cash equivalents                                                      35,031
  Trade and other payables                                                       (76,327)
  Net assets Acquired 75%                                                         108,526
Goodwill was recognised as follows:-
  Total purchase price including legal costs                                      270,000
    Less:- Net assets acquired                                                  (108,526)
  Goodwill                                                                        161,474
During  the period to 30 June 2016, Fine Locums Limited did not contribute towards the group's revenue or  loss
for the period. The trading results for the period under review for Capital Care Services (UK) Limited were  as
  Revenue                                                                             504
    Profit after tax                                                                   30
All acquisition accounting is provisional and a purchase price allocation exercise has not yet been performed.

Contact Information

  • Positive Healthcare Plc