EMIS Group - Strong FY21 drives upgrades

EMIS’s FY21 revenue and operating profit came in ahead of the top end of consensus, reflecting a year of growth for EMIS Enterprise and more normal trading in EMIS Health after a year helping the NHS to deal with the pandemic. Post year-end, the company bolstered its analytics business with the acquisition of GP practice business intelligence tools provider Edenbridge Healthcare for £4m. We have upgraded our normalised diluted EPS forecasts by 2% in FY21 and 1% in FY22 and FY23.