12 November 2018 – disposal
The company has sold its BroadCare business to Carehome Selection Limited, part of the CHS Healthcare group, for £4.4m in cash. BroadCare is a comprehensive tracking and reporting system which was specifically designed for managing all aspects of NHS-funded continuing healthcare. The software was developed to automate a complex process and has been widely adopted by Clinical Commissioning Groups and Commissioning Support Units across the country. Given the niche nature of the product the company’s view that it is better suited to an organisation already providing a wide range of services to the NHS makes sense. In the year ended 31 December 2017 BroadCare contributed £0.5m of profit. The cash received will reduce net debt and help fund further innovations within the company’s fuse incubator. We continue to rate the shares as a BUY.