28th Oct 2014 07:40
LONDON (Alliance News) - FTSE 250 constituent NMC Health PLC said on Tuesday its revenue rose in the third quarter on the back of strong performances from its Healthcare and Distribution arms and said it would reshuffle its executive team, with its chief operating officer departing, its chief financial officer moving to be deputy chief executive, and its deputy chief financial officer making the step up.
Group revenue for the United Arab Emirates-focused healthcare company reached USD161.2 million in the third quarter to the end of September, up from USD136.5 million a year earlier.
Its Healthcare business posted an 18% rise in revenue in the period to USD81.1 million, against USD68.7 million a year earlier, while its distribution division saw revenue increase 13% to USD86 million from USD76.1 million a year earlier.
NMC said the Healthcare business was boosted by increased demand for specialist clinical services and said the Distribution division was trading well on the back of strong macroeconomic conditions in the UAE.
The group's occupancy level hit 72.8% at the end of the quarter, up from 60.2% at the end of the same period last year.
The group also announced a series of changes to its executive team. Chief Operating Officer Binay Shetty is stepping down from his role at the end of the year. NMC said he will take on a new role in the Shetty Family Investment Office and will remain a non-executive director on the board of NMC.
Prasanth Manghat, currently chief financial officer, will take on the newly-created role of deputy chief executive from January 1 and will be replaced by Suresh Krishnamoorthy, currently the deputy chief financial officer.
"We delivered a strong third quarter in 2014, with top-line growth 18% higher than in the same period last year. The UAE economy continues to see good growth, while NMC is expanding its service offering and operational presence across the market," said BR Shetty, chief executive officer of NMC.
By Sam Unsted; [email protected]; @SamUAtAlliance
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