27th Sep 2016 06:29
LONDON (Alliance News) - Private healthcare company Mediclinic International PLC on Tuesday said it continued to see growing demand for its services and maintained its guidance for its financial year to the end of March 2017.
The FTSE 100 group said it traded in line with management's expectations for the five months ended August 31. Total revenue within Mediclinic's southern African division came in at GBP383.8 million, amid weak macro-economic conditions and increased competition.
Mediclinic said higher price increases on pharmaceuticals and investment in additional clinical personnel was expected to cause its first half earnings before interest, tax, depreciation and amortisation margins to be "marginally lower" than the prior year.
Meanwhile in its Swiss operations, Hirslanden, Mediclinic said total revenue for the same period was GBP537.6 million, driven by "improved capacity utilisation and increased outpatient activity". Underlying earnings before interest, tax, depreciation and amortisation margins for the first half of the year are expected to remain stable with the prior year.
Its third division, operating in the Middle East, Mediclinic said it has made "significant progress" on the integration of the Al Noor Hospitals Group PLC. Mediclinic came to the London market when it completed a reverse takeover of Al Noor, a United Arab Emirates-focused private healthcare group in February.
In the Middle East division, total revenue for the five months came in at GBP275.5 million and underlying earnings before interest, tax, depreciation and amortisation margins for the first half are expected to be around 11%. This, the company said, is largely due to business and operational alignment and the delayed ramp-up of new units in Abu Dhabi.
The company will release its interim results on November 10.
By Hannah Boland; [email protected]; @Hannaheboland
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