Sunday, 20 September 2009

Advanced Computer Software confident of growth

(By Tola Sargeant 7:00 am, 21st Sept. 2009) It appears AIM-listed healthcare IT firm Advanced Computer Software (ACS) continues to go from strength to strength. According to its trading update for the six months to 31st Aug. ’09, results are “in line with management expectations” and the Board is confident of further growth in the second half.

I’m particularly pleased to hear that out-of-hours software provider Adastra, which accounts for the bulk of the group’s revenues, continues to show strong growth in revenues and profits with its order intake up an impressive 20%. ACS’ SaaS-based mobile care record devices for community nurses and care workers – iNurse and iCare - also seem to be hitting the mark with customers.

The Group’s two acquisitions from the first half of ’09 - hosting and managed services business BSG (see UK healthcare IT consolidation continues apace) and Staffplan, a provider of roster software for community nurses (see ACS Buys Staffplan) – are also on track and expected to be earnings enhancing in their first year.

As avid HotViews readers will remember, ACS was formed by a reverse takeover of Adastra in July 2008. Under the leadership of CEO Vin Murria, the company then began building a position in the UK primary care software market. I’m not at all surprised to hear that the Group continues to look for suitable acquisition opportunities, but only at realistic valuations. Having raised £44m for acquisitions back in May (see ACS raises £44m for acquisition spree), Vin is determined to speed consolidation in the UK healthcare software market and build a business that improves the flow of patient information in primary care. No doubt we’ll be covering ACS on HotViews again before long!

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