BUPA beats Ultrasis blues

08/11/2007 Robert Tyerman

Depressed healthcare minnow Ultrasis has won a contract for its Beating the Blues depression treatment from private medical leader BUPA.

Nigel Brabbins, chief executive of the loss-making concern, says the contract is for 500 patients to be treated around the country under the BUPA Wellness Programme. 'If that works out, we'd expect to agree an annual contract with BUPA,' suggests Brabbins.

He claims that Beating the Blues, which is an eight-week web-based programme based on cognitive behavioural therapy, succeeds with 70 per cent of patients and could therefore save BUPA 'lots of money' on its company health care schemes if adopted across the board. Describing today's deal as a 'taster', he points out that Belfast-based Ultrasis has a National Health Service contract, too, and is talking to other private healthcare providers and backers, such as Canada Life.

Ultrasis, whose shares soared more than tenfold to 3.38p between 2004 and early 2006, can do with some good news. Losses rose 70 per cent to £769,000 in the year to July, though turnover increased 27 per cent to £1.6 million and the company ended its year debt free and with £879,000 cash.

The shares now stand at 1.03p, up 0.04p this morning. They represent a gamble on recovery.

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