15th Apr 2014 09:21
LONDON (Alliance News) - CareTech Holdings PLC said Tuesday that it had traded in line with its expectations in the half-year to end-March, as revenue, underlying earnings before interest, tax, depreciation and amortisation, and pretax profit were ahead of the previous year.
The specialist social healthcare company said it had increased its capacity by adding 20 additional beds in its supported living services business, and 10 users service users in its domiciliary care business.
Net capacity during the half-year remained unchanged within its fostering segment.
In its services segment, CareTech reduced capacity by 16 beds, and a further 14 in its supported living unit. As a result, total capacity for the half-year was 2,116 beds, compared to 2,198 in the previous year.
CareTech said that it will continue to achieve further growth by reconfiguring its services and extending facilities in partnerships with local authorities. It said that some of the services it reconfigured in 2013 will open soon, and it had seen a strong level of demand from local authorities to refer these services.
The company expects to see a "slightly positive outcome" from annual fee rate negotiations with local authorities.
It acquired employment and training services provider EQL Solutions in November 2013, and said that the initial integration of the company had gone as planned. It is preparing a range of bespoke development programmes for new hires and existing staff, CareTech said.
CareTech reduced its net debt to GBP165.7 million as at March 31, 2013, down from GBP168.5 million as at September 30.
Shares in CareTech were trading up 0.6% at 238.50 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
CTH.L