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Today, Emis Group, a software business, has witnessed its shares drop, as the company announced that its failure “to meet certain service levels and reporting obligations with NHS Digital,” the online GP product.
By lunchtime trading, the shares of Emis, which are listed on the junior market of London, had plunged by over 17 percent following the report of the business regarding the results of a review which was led by Andy Thorburn, the new chief executive of the firm.
The said review was into product and customer “support processes,” and Emis said that it was working in collaboration with NHS Digital in order to “confirm the scale of the issue and assess the full service and contractual impact.” The company estimated that the financial repercussions would likely be “in the order of upper single digits of millions of pounds.”
“I am very disappointed to find that in this area we have fallen behind the high standards of customer and product support that NHS Digital and our wider customer base have rightly come to expect of us,” stated Thorburn.
The major shareholders of the company include asset managers PrimeStone Capital, Invesco, and Liontrust. This morning, it also issued a trading statement which, though in line with the expectations of the board, was not enough to stop the freefalling share price.
Thorburn was appointed to manage Emis when Chris Spencer, the previous chief executive of the company, retired in 2017 after more than 17 years of service at the firm.