LONDON, UK / ACCESS Newswire / February 26, 2025 / Physitrack PLC (STO:PTRK) has today announced a restatement of its 2023 financial accounts and unaudited Q1-Q3 2024 quarterly figures following the identification of overstatements in accrued revenue from prior periods in its subsidiary Champion Health Plus.
The adjustment stems from an over-accrual of revenue identified during 2024 financial reconciliations, resulting in an overstatement in 2023 of £374,165 (€430,295) or 2% of 2023 revenue, and 2022 of £77,911 (€91,371). The correction relates to the historic physiotherapy appointments revenue stream in the business and the error arose due to issues with data extraction from the appointment booking system, which have been addressed going forward.
The restatement of the 2023 revenue results in a provision of £99,718 (€120,645) built up in Q1-Q3 2024 no longer being required. Profit figures for Q1-Q3 2024 will therefore be increased, see the below tables for corrected figures.
A Spotlight interview with CEO & co-founder Henrik Molin on the subject can be found here:
https://vimeo.com/1053188072/bf4cddce87
Key Adjustments:
2023 Adjustment Euro |
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| Q12023 | Q22023 | Q32023 | Q42023 | FY2023 |
Revenue |
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As previously reported | 3,734,719 | 3,750,972 | 3,851,230 | 3,839,661 | 15,176,582 |
Adjustment | (72,183) | (96,606) | (133,465) | (128,041) | (430,295) |
Restated | 3,662,536 | 3,654,366 | 3,717,765 | 3,711,620 | 14,746,287 |
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Profit after tax |
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As previously reported | (65,636) | (251,656) | (240,160) | 3,762,278 | 3,204,826 |
Adjustment | (72,183) | (96,606) | (133,465) | (82,054) | (384,308) |
Restated | (137,819) | (348,262) | (373,625) | 3,680,224 | 2,820,518 |
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Adjusted EBITDA |
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As previously reported | 922,090 | 953,656 | 1,051,111 | 979,975 | 3,906,832 |
Adjustment | (72,183) | (96,606) | (133,465) | (128,041) | (430,295) |
Restated | 849,907 | 857,050 | 917,646 | 851,934 | 3,476,537 |
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Trade and other receivables |
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As previously reported | 3,002,254 | 3,334,387 | 4,427,717 | 3,882,323 | 3,882,323 |
Adjustment | (163,554) | (260,160) | (393,625) | (521,666) | (521,666) |
Restated | 2,838,700 | 3,074,227 | 4,034,092 | 3,360,657 | 3,360,657 |
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Corporation tax |
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As previously reported | (131,854) | (89,718) | (155,433) | (164,424) | (164,424) |
Adjustment | 17,367 | 17,367 | 17,367 | 63,354 | 63,354 |
Restated | (114,487) | (72,351) | (138,066) | (101,070) | (101,070) |
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Net Assets |
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As previously reported | 22,227,775 | 22,183,192 | 21,785,547 | 25,573,077 | 25,573,077 |
Adjustment | (146,187) | (242,793) | (376,258) | (458,312) | (458,312) |
Restated | 22,081,588 | 21,940,399 | 21,409,289 | (458,312) | 25,114,765 |
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2024 Adjustment Euro |
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| Q12024 | Q22024 | Q32024 |
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Adjusted EBITDA |
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As previously reported | 1,055,117 | 896,916 | 906,495 |
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Adjustment | 40,215 | 40,215 | 40,215 |
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Restated | 1,095,332 | 937,131 | 946,710 |
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Importantly, these adjustments do not impact the company's compliance with banking covenants related to its loan provider Santander Plc and have no impact on cash flow in any reporting period.
Physitrack Plc remains confident in its financial stability and operational integrity. While this adjustment highlights past issues, the corrective actions and strengthened controls position the company for a more robust and transparent financial reporting process.
Enquiries regarding this announcement should be addressed to:
Henrik Molin, CEO and co-founder, Physitrack.
+44 208 133 9325
ir@physitrack.com
media@physitrack.com
About Physitrack
Physitrack PLC, founded in 2012, is a global digital healthcare provider, focused on the B2B wellness and virtual-first care markets. With staff with 12 nationalities on four continents, customers in 17 time zones, and end users in 187 countries, Physitrack is a truly global company.
The company has two business lines:
1. Lifecare - SaaS platform tailored mainly to physiotherapy and musculoskeletal care, enabling practitioners to deliver clinical home exercises, education prescription, outcomes tracking, triaging and Telehealth.
2. Wellness / Champion Health - SaaS platform for Employee Wellness and care powered by a combination of world-leading technology and wellness professionals based in the United Kingdom, Germany and the Nordics.
Physitrack PLC is headquartered in London, United Kingdom, and listed on Nasdaq First North Premier Growth Market (PTRK).
Visit us at
https://physitrackgroup.com/ (investor relations)
https://physitrack.com (product marketing)
About Champion Health
Champion Health, a subsidiary of Physitrack Plc, is a leader in corporate wellness technology, providing an innovative platform that empowers businesses to support their employees' well-being through personalised wellness action plans and advanced analytics.
Visit us at
https://championhealth.co.uk/
Attachments
Physitrack plc Announces Correction to 2023 Accounts and Unaudited Q1-Q3 2024 Quarterly Financial Statement Releases
SOURCE: Physitrack PLC
View the original press release on ACCESS Newswire
