30th Oct 2014 07:56
LONDON (Alliance News) - Al Noor Hospitals Group PLC on Thursday said its revenue increased in the third quarter in line with its expectations and said it is on track to meet forecasts for the full year.
The FTSE 250 company, which provides healthcare services in Abu Dhabi, said revenue in the three months to September 30 was up 20.5% to USD101.2 million from USD84 million a year earlier.
Al Noor said the rise was in line with its expectations and said its earnings before income, taxation, depreciation and amortisation margins were stable in the period.
The company increased its number of revenue-generating physicians during the quarter by 18, increasing the total number to 519 by the end of September. It said it is on track with its physician hiring programme for the year.
The group has commissioned three new medical centres in the year to date, all of which have started trading and which are contributing to growth, it said.
The company also said it is currently debt free and has USD104.7 million in net cash, providing the means to consider further acquisition opportunities.
"Trading in the third quarter has been consistent with management expectations and we continue to make good progress on our key initiatives including clinic expansion and recruitment and retention of our physicians," said Al Noor Chief Executive Officer Ron Lavater.
By Sam Unsted; [email protected]; @SamUAtAlliance
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