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Interim results for the six months ended 31 March 2006

May 22nd 2006

 

IFRS

 
Amounts in £m unless stated

31 March
2006

31 March
2005

% change

Revenue: group and share of joint venture

93.3

79.1

+18

Operating profit*

8.9

7.5

+18

Profit before taxation and amortisation

5.7

5.2

+10

Basic EPS

7.23p

6.63p

+9

Basic EPS before amortisation

7.54p

6.68p

+13

Interim dividends per share

1.12p

1.03p

+9

Net assets (total)

57.6

50.9

+13

*before amortisation of of other intangiable assets, including joint venture operating profit

  • Excellent progress made financially, with good growth in all divisions
    • Strong operating cash inflow of £12.6m (2005: £6.8m)
    • Total forward contracted income of £879m, up 10% since September 2005
  • Residential Care
    • Strong momentum in winning new contracts - Poole Borough Council and Redbridge Primary Care Trust signed in the period
    • New homes commissioned in London Boroughs of Islington, Richmond-upon-Thames and Hammersmith & Fulham
  • Community Care
    • Good organic growth - new Homecare contracts signed representing over 4,000 hours per week
    • Ravencare, a Lancashire-based homecare provider, acquired in January 2006 providing over 2,000 hours of homecare per week; Select Care, based in Birmingham, acquired in May 2006 providing over 1,000 hours per week
  • Specialist Care
    • Good growth in turnover; range of organic growth and acquisition opportunities
    • New contract wins in learning disabilities totalling £1.3m per annum; new mental health homes commissioned
  • Clinical Care
    • Construction of treatment centres for Maidstone and North East London on schedule; Trent and Plymouth progressing well with PHG's trading now consistently at targeted profitability levels
    • Framework agreement signed with a group of GPs, trading as BK Health, to support bids for a range of primary care services across the UK
    • Contracts for commuter walk-in centres in Newcastle-upon-Tyne and Victoria, London signed, first site operational in May 2006; further award of primary care projects expected

John Nash, Chairman, commented:

"Care UK has made excellent progress financially and has continued to see good growth in all areas of the business. With significant contracts in the construction phase, a strong pipeline of further opportunities and excellent organic growth momentum, the outlook for Care UK is very encouraging.

"The NHS reform plans offer real opportunity for transformational growth. Inevitably, such a reform programme is subject to some turbulence and considerable public comment and does require increased investment in resources and bidding costs by the group. However, the scale of opportunity is significant and with the continuing momentum towards a much more extensive contribution from independent sector companies, Care UK is very well placed to benefit."

Click here to view the full statement.

 

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