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Exchanges: CUK
- London
The Group's principal
activity is providing a range of health and social care solutions primarily
to various public sector purchasers. The Group's operations are carried
through four divisions. Residential Care focuses primarily for older people,
with particular emphasis on rehabilitation and complex needs. Community
Care focuses on supporting people in their own homes, caring for older
people and others with specialist needs. Health Care provides services
organised in the areas of primary care, secondary care and diagnostic.
Specialist Care offers support, therapeutic care and education to those
aged 10-17. It also provides care therapy and education to adolescent and
adult women with histories of eating disorders, self-harm and/or other
related difficulties.
URL : http://www.careuk.com
19 May 2008 Care
UK Plc Half-yearly results for the six months ended 31 March 2008
Care UK Plc, the leading
health and social care provider, is pleased to announce half-yearly results
for the six months ended 31 March 2008.Highlights
Six months ended 31 March
Amounts in £m unless
stated 2008
2007 % change
Revenue: group and share
of joint venture 166.7 118.0 +41
Adjusted operating profit
1 15.9 11.6 +37
Operating (loss)/profit
(3.8) 10.0 -
Adjusted profit before
taxation 1 8.7 7.1 +23
(Loss)/profit before
taxation (9.6) 6.8 -
Adjusted basic EPS 1
10.99p 9.80p +12
Basic EPS (19.23p) 9.16p
-
Interim dividend proposed
2 1.33p 1.22p +9
1 Adjusted operating
profit, adjusted profit before taxation and adjusted basic EPS are stated
before amortisation of intangible assets of £2.4m (£0.3m) and
impairment of goodwill and intangible assets of £15.9m (2007: £nil).
Adjusted operating profit is stated before joint venture net financing
charges and taxation of £1.4m (2007: £1.3m). Adjusted profit
before taxation is stated before joint venture taxation of £0.7m
(2007: £0.4m). The adjusting items are explained more fully in the
Operations & Finance Review.
2 In accordance with
IAS 10, the proposed interim dividend was not included as a liability at
either 31 March 2008 or 31 March 2007.
Another period of good
progress for Care UK with continued growth in all four divisions.
Future growth underpinned
by strong forward contracted revenue of £1.1bn (2007: £0.9bn)
excluding revenue at preferred bidder stage
Current funding headroom
of over £80m, sufficient to fund all current development plans
Social Care:
Residential Care organic
revenue and operating profit growth of 8%
New home successfully
commissioned in Kensington & Chelsea
Strong growth in Community
Care - revenue up 30%, operating profit up 28%
Community Care acquisition
in South Gloucestershire and significant new contract award in Hertfordshire
Improved margin in Specialist
Care, operating profit growth of 9%, all organic
Health Care:
Strong growth in revenue
and operating profit, mainly driven by Mercury Health acquisition
Excellent PHG clinical
and financial performance continuing
Wave 2 ISTC contracts
in Manchester and Southampton expected to reach financial close shortly
Five new primary care
contract awards/preferred bidder appointments
West Midlands diagnostics
service decommissioned in February 2008, compensation claim under negotiation |
