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  • Writer's pictureMark Watson-Mitchell

Totally wins major £10m new contract from challenged NHS

NHS England has commissioned Totally (LON:TLY) to provide additional call handling and clinical capacity to help to alleviate some of the pressures on local NHS 111 services, as required.

Totally helps healthcare commissioners and hospitals ensure patients can access the most appropriate care quickly and efficiently by delivering quality urgent care services, such as NHS 111 and urgent treatment centres and elective care services, such as community dermatology clinics and first contact practitioner.

It also delivers additional clinical capacity through insourcing and outsourcing arrangements to trusts and hospitals tackling growing waiting lists. Its corporate customer services also play a role in reducing reliance on healthcare by promoting healthy lifestyles and physical and mental health.

£10m pa contract with option to renew

The contract, awarded to Vocare, part of Totally's Urgent Care division, will run from 1 March 2023 at a value of around £10m per annum, initially for one year with the option to extend for a further year.

CEO Wendy Lawrence stated that:

"Totally has significant experience providing quality, resilient and responsive regional NHS 111 services. Our services have provided essential access to core healthcare services as demand has risen beyond the level anticipated by commissioners.

This new contract re-affirms Totally as a core partner in the delivery of NHS 111 services and moves to recognise the new normal in which healthcare providers are operating, providing essential additional capacity into the system."

Analyst Opinion – 70p Target Price

James Wood at Canaccord Genuity Capital Markets rates the group’s shares as a Buy, with a Target Price of 70p.

His current year estimates, to end March, are for £140.8m (£127.4m) sales, while adjusted pre-tax profits could rise to £5.8m (£4.0m), with earnings of 3.3p (2.1p) and an unchanged dividend of 1p per share.

For the coming year Wood goes for £155m revenues, £8.0m profits, 4.4p earnings and a 1p dividend per share.

Conclusion – shares undervalued

It is very apparent that the NHS needs efficient help in providing national contingency support for its NHS 111 service and this award to Totally is an example of its potential over the next few years.

With its shares trading at around 35p they are clearly undervalued trading on 10.6 times current year earnings and on a low 7.9 times prospective.

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