Nov 17, 2009
Care UK Plc
(“Care UK” or “the group”)
Preliminary Results for the year ended 30 September 2009
Adjusted profit before taxation increased by 25%, significant reduction in net debt
Platform established to benefit from market reform and accelerate future growth
Care UK Plc, the leading health and social care provider, today announces preliminary results for the year ended 30 September 2009.
Operational highlights - Social Care
Operational highlights - Health Care
John Nash, Chairman of Care UK, commented:
“Over the course of a year, Care UK cares for approximately half a million people through many different kinds of service, consistently delivering industry leading quality and patient satisfaction ratings.
“These results demonstrate the company’s resilience and the benefits of investment in the market emerging as the NHS opens up to competition. Our high levels of contracted revenue and the non-discretionary nature of our services offer unusually good income visibility and relative market stability.
“The forthcoming challenges to public sector funding are apparent and our experience and expectation is that to achieve higher quality services at better value, public sector commissioners are increasingly turning to the Independent Sector to drive efficiency and reform. Furthermore, both the UK’s largest political parties support the role that independent providers can play in helping to achieve this.
“Policy reform generally is focused on the migration of services from hospital to community and social care solutions in order to improve care quality and reduce cost. This is wholly aligned with Care UK’s long term strategy and perfectly positions the company to drive exceptional levels of long-term growth.”
|Amounts in £m unless stated||30 Sept 2009||30 Sept 2008||Change %|
|Revenue: group and share of joint venture 1||410.0||341.6||+20|
|Adjusted operating profit 2||38.9||36.4||+7|
|Profit before group taxation||21.0||1.6||+1,212|
|Adjusted profit before group taxation 3||28.1||22.5||+25|
|Adjusted basic EPS 3||31.46p||27.92p||+13|
|Total dividend, paid and proposed||4.85p||4.43p||+9|
|Operating cash flow||58.1||46.9||+24|
|Total net debt||156.3||180.2||-13|
1 Includes share of joint venture revenue in 2008 only
2 Before non-recurring items, amortisation of intangible assets and impairment charges; in 2008, also before share of joint venture net financing costs and taxation
3 Before non-recurring items, amortisation of intangible assets and impairment charges
For further information, please contact:
|Care UK Plc||020 7330 8272|
|Mike Parish, Chief Executive|
|Paul Humphreys, Finance Director|
|Financial Dynamics||020 7831 3113|
|Ben Brewerton / Jonathan Birt|
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