20th Mar 2014 13:16
LONDON (Alliance News) - Circle Holdings PLC Thursday said it halved its losses in 2013, compared with the previous year, boosted by an increase in revenues, lower finance costs and an exceptional gain during the year.
The employee co-owned hospital group said that after a positive end to 2013, it is confident in the businesses growth outlook for the current financial year.
"Following a positive end to 2013, the group is encouraged by the performance of existing assets and expects them to be at or near to earnings before interest, taxes, depreciation and amortisation break-even, pre-central overhead, by the end of 2014," it said.
The group delivered GBP192.7 million of revenue under management as of December 31, 2013, which includes revenue generated at Hinchingbrooke, an NHS Healthcare Trust which it manages, and reported group revenue of GBP84.3 million, up 15% on 2012, boosted by growth at the CircleBath hospital and a full year of operations at CircleReading.
The group narrowed its losses in 2013 to GBP15.2 million, compared with GBP30.4 million a year earlier, and said its loss per share was 5.1 pence, improved from a loss per share of 25.7 pence in 2012.
Circle said the number of total patient procedures increased by 29% to 189,314, driven by a 33% increase in outpatient procedures, and a 14% rise in day and inpatient volumes.
The group said it recognised some key exceptional items in the year and had a successful year in terminating onerous contracts entered into in previous years. During the year, the group recorded an exceptional gain of GBP1.1 million.
The company said it is in ongoing discussions with a number of investors for financing the development of CircleManchester and CircleBirmingham hospitals.
Shares in Circle Holdings are trading 2.7% higher Thursday afternoon, at 72.38 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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