4th Mar 2015 09:44
LONDON (Alliance News) - Cambian Group PLC Wednesday posted a swing to a pretax loss for 2014 on listing costs, although it proposed its maiden final dividend of 1.8 pence per share.
Cambian said it intends to pay an interim and final dividend in future years.
The behavioural healthcare services provider posted a pretax loss of GBP4.3 million, compared to a pretax profit of GBP7.8 million a year before, as a rise in revenue to GBP240.6 million from GBP214.3 million was offset by higher administrative expenses and exceptional costs related to its listing on AIM last April.
Stripping out costs related to the listing and other exceptional items, earnings before interest, tax, depreciation and amortisation rose to GBP48.4 million from GBP41.1 million.
Revenue from its Adult Services business rose 11%, boosted by acquisitions it made during the year and a rise in average occupancy to 89% from 85% in 2013.
The company attributed to good performance partly to an improved commissioning environment following changes to the NHS in 2012 which had impacted the structure of commissioning healthcare, and partly to a number of its mature units filling up, such as its adult brain injury and residential autism services.
Children's services revenue rose 14%, also boosted by acquisitions, although average occupancy fell to 74% from 77%. The company said that the performance of its schools for children with special education needs such as Autism was good with high demand from its customers, and its newer sexual trauma services and mental health units were growing well.
"The strong results reflect a good performance in 2014 with progress made against the objectives set out at the start of the year and on IPO. This good performance demonstrates the quality of care and value for money we provide to our customers, and the board is confident that Cambian is well positioned to grow and looks to the year ahead with confidence," the company said in a statement.
Shares in Cambian are trading up 3.5% at 220.00 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Cambian Group