17th Mar 2015 10:40
LONDON (Alliance News) - Constellation Healthcare Technologies Inc Tuesday said it will pay a maiden final dividend of 2.9 cents per share as it reported a net profit of USD1.6 million in 2014 and revealed its first acquisition since its initial public offering.
In a separate statement, the group said it has acquired Physicians Practice Plus Inc, a New York-based collection of revenue cycle management businesses for healthcare providers, for up to USD20 million, although the final amount depends on whether performance targets are met. According to Constellation Healthcare, PPP made a USD1.3 million pretax profit in 2014 on revenue of USD10.7 million.
Constellation Healthcare said it "expects to generate cost savings of approximately USD2 million during the current financial year through the synergies and optimisation of resources and infrastructure from the acquisition".
The group raised GBP9.6 million when it listed on AIM in December 2014 and outlined its intention to acquire healthcare service companies in the US.
Constellation Healthcare reported a USD1.6 million net profit in 2014, compared with a USD848,875 net loss in 2013.
Revenue amounted to USD54.6 million, compared with USD52.0 million in 2013, while operating expenses fell to USD43.6 million from USD48.9 million.
Constellation shares were untraded on Tuesday morning. The stock closed at 135.00 pence on Monday.
By Samuel Agini; [email protected]; @samuelagini
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