EMIS Group - Supporting a more proactive health service

EMIS reported FY21 results ahead of our recently raised forecasts, with revenue up 6% y-o-y, adjusted operating profit up 11% and adjusted EPS up 10%. EMIS-X analytics is being adopted by both EMIS Health and EMIS Enterprise customers, supporting a more proactive approach to healthcare, and enhancements to the platform underpin the company’s integrated care systems strategy. Reflecting FY21 performance and recent bolt-on acquisitions, we upgrade our adjusted EPS forecasts by c 3% in FY22 and FY23.