DXS INTERNATIONAL PLC
(AQSE: DXSP)
HALF YEAR RESULTS
DXS International plc ("DXS" or the "Company"), the digital clinical decision support company, is pleased to provide shareholders with its unaudited interim results for the half year ending 31 October 2025.
H1 2025 Financial highlights:
- Core recurring revenue model remains resilient. Revenue decreased by 2.6% to £1,684,712 (H1 2024 - £1,730,829) in the six months to 31 October 2025 ("Period"). Administration costs decreased by 5% in the Period (H1 2024 -£87,474)
- Loss after tax in the Period of (£99,041) compared to a profit of £1,131 in H1 2024, a change of (£100,172). This was largely due to Grant Income reducing by £164,409. It should also be noted that all development costs for ongoing R&D are now included in the P&L, which is in line with new HMRC guidelines.
- Available cash at the Period end was £160,400 (H1 2024 - £96,431), plus unutilised debtor drawdowns of £19,512 (H1 2024 £256,670).
Operational highlights:
- The deployment of our new SMART Referral solution, Next-Gen, continues to provide exceptionally positive feedback from early adopter users. This is important as this is the potential trigger for Integrated Care Boards (ICBs) to move non-DXS practices to Next-Gen, an initiative we have been working on for some time that should potentially increase our Annual Recurring Revenue (ARR).
- Our Secondary Care pilot, intended to remove the need for manual referral input by hospital staff into hospital systems, is running well. This should provide a new future revenue stream in due course.
- Tackling Cardiovascular Disease (CVD) remains a top NHS priority and therefore, armed with the recent positive York Health Economic Consortium evaluation outcome, the Cholesterol prototype is expected to be market ready imminently. We will be well positioned to provide GP Primary Care Networks (PCN) (1 PCN =on average 5 GP practices) with a medicine optimisation solution that can help them achieve the new 2026 CVD targets, which if met, are worth approximately £49,000 NHS incentive per practice - up from £17,000 per practice last year.
- Completed a hypertension project for a PCN in the East of England with excellent outcomes.
- We have continued our committed investment in R&D, even though this is not reflected in the Balance Sheet.
Post-period events:
In December 2025, the company notified the market that it suffered a security incident affecting its office servers. The company acted swiftly and contained the incident. We have implemented additional monitoring and security measures to prevent any future potential incidents.
Outlook
The NHS GP IT Futures framework expired on 31 March 2023. This meant no new procurements of solutions and services were being accepted by the NHS. A replacement framework is in development.
The NHS continues to face significant pressure to reduce waiting times and address the growing challenge of CVD. Within its Ten-Year Digital Transformation Plan, the NHS has identified digital innovation and preventive care as key priorities; with targeted funding directed toward high-impact, technology-driven solutions.
The recent ICB restructuring from 160 Clinical Commissioning Groups (CCGs) to 42 ICBs resulted in 5 of our ICB customers having approximately 270 GP practices not using our DXS Smart Referral solution. These five ICBs have indicated that they are keen to standardise on DXS as a single referral solution which is an encouraging potential additional revenue stream for the company.
The Board remains confident of meeting the full year market expectations for April FY 2026.
David Immelman, Chief Executive of DXS, commented:
"At DXS, we remain focused on achieving shareholder value. The delays have been frustrating for shareholders. Management and employees remain focused with conviction to turn delays into opportunity, which we have used to build and innovate on. We are sensing a shift in NHS urgency at an ICB level to resolve problems. We finally have the sense that we expect revenue to begin to grow in around April 2026. We are positive that the NHS is moving in the right direction with regards to their commitment to digital transformation as one solution."
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).
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INTERIM RESULTS to 31 OCTOBER 2025
CONSOLIDATED INCOME STATEMENT
for the six month period ended 31 October 2025
| Unaudited Group 6 Months ended 31 Oct 2025 | Unaudited 6 Months ended 31 Oct 2024 | Audited Year to 30 April 2025 | ||||||
| Continuing Operations | Continuing Operations | Continuing Operations | ||||||
| - | - | - | ||||||
| Turnover | 1,684,712 | 1,730,829 | 3,469,917 | |||||
| Cost of Sales | (211,737) | (235,670) | (479,382) | |||||
| Gross Profit | 1,472,975 | 1,495,159 | 2,990,535 | |||||
| Grant Income | 6,201 | 170,610 | 132,993 | |||||
| Administration Costs | (1,617,798) | (1,705,272) | (3,251,011) | |||||
| Depreciation and Amortisation | - | (493) | (1,038) | |||||
| Operating (loss) | (138,622) | (39,996) | (128,521) | |||||
| Sundry Income | 1,880 | 1,203 | 1,898 | |||||
| (136,742) | (38,793) | (126,623) | ||||||
| Interest payable and similar expenses | (17,299) | (20,076) | (48,525) | |||||
| (Loss) on ordinary activities before taxation | (154,041) | (58,869) | (175,148) | |||||
| Tax on (loss) on ordinary activities | 55,000 | 60,000 | 80,398 | |||||
| Profit / (Loss) for the period | (99,041) | 1,131 | (94,750) | |||||
| ========= | ========= | ========= | ||||||
| Profit per share | ||||||||
| (0.1p) | 0p | (0.1p) | |||||
| (0.1p) | 0p | (0.1p) | |||||
| ========= | ========= | ========= | ||||||
STATEMENT of FINANCIAL POSITION
as at 31 October 2025
| Unaudited Group at 31 Oct 2025 | Unaudited Group at 31 Oct 2024 | Audited Group at 30 April 2025 | ||||
| - | - | - | ||||
| Fixed Assets | ||||||
| Intangible Assets | 1,455,000 | 1,455,000 | 1,455,000 | |||
| Tangible Assets | - | 572 | - | |||
| _________ | _________ | _________ | ||||
| 1,455,000 | 1,455,572 | 1,455,000 | ||||
| _________ | _________ | _________ | ||||
| Current assets | ||||||
| Debtors Amounts falling due within one year | 307,432 | 694,513 | 486,556 | |||
| Cash at bank and in hand | 160,400 | 96,431 | 428,957 | |||
| _________ | _________ | _________ | ||||
| 467,832 | 790,944 | 915,513 | ||||
| Creditors: amounts falling due within one year | (842,176) | (880,070) | (908,986) | |||
| _________ | _________ | _________ | ||||
| Net current assets / (liabilities) | (374,344) | (89,126) | 6,527 | |||
| _________ | _________ | _________ | ||||
| Total assets less current liabilities | 1,080,656 | 1,366,446 | 1,461,527 | |||
| Creditors: | ||||||
| Amounts falling due after more than one year | (366,366) | (330,134) | (285,353) | |||
| Deferred income | (451,699) | (587,795) | (814,542) | |||
| _________ | _________ | _________ | ||||
| 262,591 | 448,517 | 361,632 | ||||
| | ========= | ========= | ========= | |||
| Capital and reserves | ||||||
| Called up share capital | 211,273 | 211,273 | 211,273 | |||
| Share Premium | 3,213,395 | 3,213,395 | 3,213,395 | |||
| Share option reserve | 15,159 | 11,589 | 15,159 | |||
| Retained earnings | (3,177,236) | (2,987,740) | (3,078,195) | |||
| _________ | _________ | _________ | ||||
| Shareholders' Funds | 262,591 | 448,517 | 361,632 | |||
| ========= | ========= | ========= | ||||
STATEMENT of CASH FLOWS
Six months ended 31 October 2025
| Unaudited Six months ended 31 Oct 2025 | Unaudited Six months ended 31 Oct 2024 | Audited year ended 30 April 2025 | ||||
| - | - | - | ||||
| Cash flow from operating activities | (386,146) | 49,629 | 247,071 | |||
| Interest paid | (17,299) | (20,076) | (48,525) | |||
| Sundry Income | 1,880 | 1,203 | 1,898 | |||
| R&D tax credit | - | - | 195,798 | |||
| _________ | _________ | _________ | ||||
| Net cash flow from operating activities | (401,565) | 30,756 | 396,242 | |||
| _________ | _________ | _________ | ||||
| Cash flow from investing activities | ||||||
| Payments to acquire intangible fixed assets | - | - | - | |||
| Proceeds in respect of tangible fixed assets | - | (27) | - | |||
| _________ | _________ | _________ | ||||
| 0 | (27) | 0 | ||||
| _________ | _________ | _________ | ||||
| Cash flow from investing activities | ||||||
| Advance of long term loans | 100,667 | - | - | |||
| Repayment of long term loans | (19,654) | (24,310) | (103,431) | |||
| Advance directors and senior staff | 51,995 | - | 46,134 | |||
| _________ | _________ | _________ | ||||
| 133,008 | (24,310) | (57,297) | ||||
| _________ | _________ | _________ | ||||
| Net increase / (decrease) in cash and cash equivalents | (268,557) | 6,419 | 338,945 | |||
| Cash and Cash equivalents at 30 April 2025 | 428,957 | 90,012 | 90,012 | |||
| _________ | _________ | _________ | ||||
| Cash and Cash equivalents at 31 October 2025 | 160,400 | 96,431 | 428,957 | |||
| ========= | ========= | ========= | ||||
| Cash and Cash equivalents consists of: | ||||||
| Cash at bank and in hand | 160,400 | 96,431 | 428,957 | |||
| ========= | ========= | ========= | ||||
Net Debt Reconciliation
| Current Debt | Non Current Debt | Cash | Total | |
| - | - | - | ||
| At 30 April 2023 | (313,486) | (720,446) | 371,978 | (661,954) |
| Non cash flow | 374,991 | 374,991 | ||
| Cash flow | 26,857 | - | (281,966) | (255,109) |
| _________ | _________ | _________ | _________ | |
| 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 | ||||
| Cash flow | (86,398) | (81,013) | (268,557) | (435,968) |
| _________ | _________ | _________ | _________ | |
| At 31 October 2025 | (163,538) | (366,366) | 160,400 | (369,504) |
| ========= | ========= | ========= | ========= |
The above figures have not been reviewed by the company's auditors Crowe U.K. LLP.
The Directors of DXS International plc accept responsibility for this announcement
Contacts:
| David Immelman(Chief Executive) DXS International plc | 01252 719800 david@dxs-systems.com |
| https://www.dxs-systems.co.uk |
| AQSE Corporate Broker and Corporate Advisor | |
| Hybridan LLP Claire Louise Noyce | 020 3764 2341 |
Notes to Editors
About DXS:
DXS International presents up to date treatment guidelines and recommendations, from Clinical Commissioning Groups and other trusted NHS sources, to doctors, nurses and pharmacists in their workflow and during the patient consultation. This effective clinical decision support ultimately translates to improved healthcare outcomes delivered more cost effectively and which should significantly contribute towards the NHS achieving its projected efficiency savings.
