Physitrack plc Announces Correction to 2023 Accounts and Unaudited Q1-Q3 2024 Quarterly Financial Statement Releases
London, 26 February 2025 – Physitrack plc 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 | |||||
| Q12023 | Q22023 | Q32023 | Q42023 | FY2023 | |
| Revenue | |||||
| 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 |
| Profit after tax | |||||
| 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 |
| Adjusted EBITDA | |||||
| 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 |
| Trade and other receivables | |||||
| 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 |
| Corporation tax | |||||
| 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) |
| Net Assets | |||||
| 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 |
| 2024 Adjustment Euro | |||||
| Q12024 | Q22024 | Q32024 | |||
| Adjusted EBITDA | |||||
| As previously reported | 1,055,117 | 896,916 | 906,495 | ||
| Adjustment | 40,215 | 40,215 | 40,215 | ||
| Restated | 1,095,332 | 937,131 | 946,710 |
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.