10th Sep 2013 10:15
LONDON (Alliance News) - Circle Holdings PLC Tuesday said its losses narrowed in the first half of the year as revenues jumped as it treated many more patients at its Nottingham and CircleReading hospitals.
The private hospitals group reported a net loss of GBP6.1 million for the six months to end-June, compared with a loss of GBP9.6 million a year earlier as revenues rose to GBP97.5 million, from GBP78.7 million.
It said revenues at its Nottingham NHS treatment centre, where it provides services for the National Health Service, rose 11.5% to GBP29.2 million, and grew 68% compared with the first five months of trading in 2012 at Circle Reading, its treatment centre with a specialist sports injury department.
It said Hitchingbrooke Hospital it trading to plan and should breakeven by March 2014.
"Progress in revenue streams at CircleBath and CircleReading, the commencement of an innovative new contract in Nottingham, and being chosen as preferred bidder for delivering MSK services in Bedfordshire all support our view that there are growing opportunities to expand going forward," Chairman Michael Kirkwood said in a statement.
The company is looking to take advantage of recent changes to the structure of public healthcare provision in the UK and believes it can benefit as those now in control of NHS budgets seek to save costs by outsourcing some treatments and services.
The company also expects revenues and margins to improve at its own private treatment centres, particularly revenues from patients referred from the NHS.
Circle Holdings shares were up 0.6% at 526.8 pence Tuesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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