Feeds

Patientline results prompt share meltdown

Debt restructure ahead

Providing a secure and efficient Helpdesk

Patientline saw its share price nearly halve today after it released prelimary financial results for 2007.

Shares fell over 40 per cent to 2.07p after opening at 4.10p.

Results for the year were disappointing and the company warned restructuring its debt burden was the number one priority for the year ahead.

For the year ended 30 March 2007 Patientline made revenues of £43m, down from £47.8m in 2006. The operating loss before exceptional items was £7.2m, up from £3.7m in 2006.

It has closed its Dutch and North American businesses. The company has already reduced debt by 10 per cent to £80.2m but said: "even this figure is too high to be sustainable."

Patientline is talking to its banks, notably Royal Bank of Scotland, about sorting this out and hopes to make proposals to shareholders shortly.

The company rents out tellies and phones to hospital patients. Depsite criticism of its high charges the company increased per minute charges for outgoing calls to 26p from 10p in April. The cost of receiving an incoming call is 39p per minute offpeak and 49p at peak-time. Patientline was investigated by the Department of Health but cleared of doing anything wrong.

Revenue per terminal per day fell 6.4 per cent to £1.62, this figure has been falling for the last three years. The company blames deflation in telecoms charges, reduced treatment times and more use of mobile phones for the fall. The statement further noted: "The NHS ethos is antipathetic to the very idea of patients being charged for anything in hospital." Revenues have been further hit by "The failure by Trusts to generally adopt Electronic Patient Records...".

The full financial results are available here, as a pdf., here.

New hybrid storage solutions

More from The Register

next story
Brit telcos warn Scots that voting Yes could lead to HEFTY bills
BT and Co: Independence vote likely to mean 'increased costs'
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
New 'Cosmos' browser surfs the net by TXT alone
No data plan? No WiFi? No worries ... except sluggish download speed
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
Turnbull: NBN won't turn your town into Silicon Valley
'People have been brainwashed to believe that their world will be changed forever if they get FTTP'
Blockbuster book lays out the first 20 years of the Smartphone Wars
Symbian's David Wood bares all. Not for the faint hearted
Bonking with Apple has POUNDED mobe operators' wallets
... into submission. Weve squeals, ditches payment plans
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.