Induction Healthcare renews Scottish contracts worth £2m

Virtual care technology company Induction Healthcare announced on Monday that NHS Scotland and the Scottish Government contracts for remote consultation using its ‘Attend Anywhere’ (AA) platform had been renewed for a further year.

The AIM-traded firm said together, the renewals secured around £2m of annual recurring revenues going into the year ending 31 March 2023.

It said the NHS Scotland contract was renewed for 12 months to 31 March 2023, while further renewals from the Scottish Government reinforced the platform’s non-healthcare applications.

Induction described Attend Anywhere as a video consultation service used in secondary care, with growing adoption in non-healthcare settings.

“Scotland has been a pioneer in driving remote consultations in the UK and was the home for our first major national contract for Induction Attend Anywhere,” said chief executive officer James Balmain.

“With the support of NHS Scotland and the Scottish Government we have shown that our products can be relied upon to deliver digital transformation strategies both within and beyond healthcare settings.

“We look forward to updating shareholders on further successful renewals in due course.”

Balmain said Induction was on course to deliver “very significant” revenue growth in the current year, in line with market expectations.

“We fully expect to see this exciting growth continue into the new financial year.

“These contract renewals are the first positive milestones in our renewal strategy and set out the pattern we expect to see across a very high proportion of our existing contracts in England.”