EMIS Group


£682.5m market cap

1078p last close

EMIS is a software supplier with two divisions. EMIS Health supplies integrated care technology to the NHS, including primary, community, acute and social care. EMIS Enterprise is a B2B software provider to the UK healthcare market, including medicines management, partner businesses, patient-facing services and blockchain.

Investment summary

EMIS saw trading gradually improve through H220 to finish the year slightly ahead of expectations. Revenue and adjusted operating profit were maintained at similar levels to FY19 (FY19 £159.5m and £39.3m respectively) whereas previous guidance was for adjusted operating profit to be slightly below the FY19 level. EMIS continued to support customers in dealing with the pandemic, with the recently acquired Pinnacle Systems’ software now being used in the nationwide vaccination programme. Progress was also made in product development with the launch of the first EMIS-X analytics product. We maintain our forecasts pending FY20 results on 18 March.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2018A 149.7 48.9 33.4 40.4 26.7 13.6
2019A 159.5 55.6 41.0 53.5 20.1 13.5
2020E 158.8 53.7 43.3 55.7 19.4 11.5
2021E 164.1 55.3 44.0 56.4 19.1 12.3
Industry outlook

EMIS is the leading software supplier to the UK GP market, with a greater than 50% market share. It has a strong position in community pharmacies, community health, A&E and hospital pharmacies. The EMIS-X platform is being developed to promote greater interoperability between NHS departments, in line with the NHS Long Term Strategy.

Last updated on 03/03/2021
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Share price graph
Balance sheet
Forecast net cash (£m) 45.1
Forecast gearing ratio (%) N/A
Price performance
Actual (7.1) 9.2 (7.6)
Relative* (9.6) 5.3 (9.0)
52-week high/low 1188.0p/813.0p
*% relative to local index
Key management
Andy Thorburn CEO
Peter Southby CFO

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