EMIS Group - Balancing the near- and long-term view

EMIS reported respectable results for H120 considering the uncertainty in the NHS and COVID-19 restrictions. The company expects to meet consensus estimates for FY20 and announced an interim dividend of 16p (+3% y o y). We have made minor changes to forecasts. Work on the product roadmap is ongoing with the first new data analytics product due in Q4. In our view, the rapid shift to digital working during the pandemic supports and potentially accelerates the adoption of technology within healthcare in the longer term.