Totally – is it now time to get back into the shares of this medical services group? Now at just 3.5p, against a Brokers Target Price of 20p – is this a money-making opportunity?

27.02.2025

This group has recently lost a number of its contracts as the NHS has been expenditure squeezed by its political masters.

In its last trading year, Totally (LON:TLY) lost money – however it is now beginning to see a number of its contracts being renewed with a number being announced this morning.

In turn that could well see the group returning to make profits, albeit small.

But the decimation of its share price from its 2022 peak of nearly 49p to as low as 3p in the last few days, could well create a very useful buying opportunity for risk-tolerant investors.

The Business

Totally is a leading provider of healthcare and wellbeing services across the UK and Ireland, working in partnership with the NHS, other healthcare providers and corporate customers to help address the challenges of increased demand for healthcare services.

Its Healthcare Services Segment -

Urgent Care: Totally's urgent care services are delivered under the Totally Urgent Care brand, by Vocare and Greenbrook Healthcare. Both businesses have a strong heritage.

Elective Care: Totally's elective care services are delivered by Pioneer Healthcare, About Health and Premier Physical Healthcare.

Its Corporate Wellbeing Services Segment -

Energy Fitness Professionals is a corporate fitness provider established in 1990 to address a gap in the market for workplace fitness. 

Management Comment

Interim CEO Prasad Godbole stated that:

"These contract wins evidence the value which Totally can bring to both NHS and Ambulance trusts. 

Both have been awarded under competitive tender, by trusts where we have been delivering services for a number of years, acknowledging the strength of the services we deliver and our competitiveness within the market. 

I am delighted that we will be continuing to work with these long-term partners, and share my thanks, also, with our teams who work diligently each and every day on their behalf."

Broker’s Views

Analyst James Wood, at Canaccord Genuity Capital Markets, rates the group’s shares as a Buy, with a Target Price of 20p.

For the current year to the end of next month his estimates are for group sales to have dropped from £106.7m to just £85.0m for the year, but with a return to profitability as he looks for adjusted pre-tax profits of £0.7m against the end-March 2024 loss of £0.4m.

His estimates anticipate current-year earnings per share of 0.3p.

For the coming year his figures currently predict £85.0m sales and a similar £0.7m profit, with 0.3p earnings.

My View

I would guess that James Wood is being cautious as to his end-March 2026 estimates, certainly until more is known on just how the group is progressing on its contracts-renewal programme.

Even so at the current 3.5p a share in the market, they could make a good gamble upon the group’s determined recovery.

It is like a case of déjà vu – having seen the shares up to 49p at their best, not quite hitting my 50p Target set four years ago.

I am not suggesting that they will be there again – instead now simply fixing a new Target Price of 4.5p on the group’s shares.

GP Out Of Hours service

(Profile 12.03.20 @ 12p set a Target Price of 18p*)

(Profile 25.06.21 @ 38.5p set a Target Price of 50p)

(Profile 27.02.25 @ 3.5p setting a new Target Price of 4.5p)

Asterisks * denote that Target Prices have been achieved since Profile publication.