17th Sep 2015 08:29
LONDON (Alliance News) - Constellation Healthcare Technologies Inc on Thursday reported a rise in pretax profit for its first half, boosted by a 26% improvement in revenue.
The healthcare services organisation reported a pretax profit of USD4.2 million for the half year to end-June, up from USD3.2 million a year before, as a rise in revenue to USD32.0 million from USD25.2 million was partly offset by a step up in operating expenses.
The company is focused on buying healthcare service companies, and then increasing their revenue and profitability. During the half year it closed its first earnings enhancing acquisition, the integration of which is going well, Constellation said. In April it raised GBP12 million for acquisitions, and Wednesday it announced it had agreed to buy NorthStar First Health LLC for up to USD18.0 million in cash and shares.
"Our number one priority is to deliver shareholder value. We hope to achieve this by successfully integrating new acquisitions into the platform and growing revenue organically. We have built an exciting pipeline of acquisition opportunities that we will seek to close in the coming months. The M&A stage of the business will continue in 2015 and through 2016," said Chief Executive Officer Paul Parmar in a statement.
Shares in Constellation Health were trading down 2.1% Thursday morning at 141.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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