26th Aug 2015 08:10
LONDON (Alliance News) - Cambian Group PLC Wednesday proposed a maiden interim dividend for its first half as it swung to a pretax profit, primarily as a result of costs related to its listing not recurring.
The health services company proposed an interim dividend of 0.91 pence, its maiden interim dividend, although it paid a total dividend of 1.8 pence for 2014.
For the half year to end-June Cambian reported a pretax profit of GBP10.0 million, swung from a pretax loss of GBP11.8 million a year before, as revenue rose to GBP140.9 million from GBP116.0 million, mostly as a result of exceptional costs of GBP18.7 million it posted in the previous year related to its listing on AIM.
Revenue growth was driven by an acceleration of the company's growth plan, with 146 places opened during the period, with 23 places re-provisioned or closed, taking its total capacity to 2,876 places from 2,750 at the end of 2014.
"These results reflect a positive first half to 2015. We have expanded our fostering offering significantly with the acquisition of By the Bridge, and continue to make excellent progress on our organic growth plan. We have also taken advantage of opportunities presented to exceed our originally planned openings in 2015. This positions us well to deliver on our vision to be the highest quality provider of specialist behavioural health services to children and adults," said Chief Executive Officer Saleem Asaria in a statement.
Shares in Cambian were down 2.8% at 255.00 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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