25th May 2016 06:55
LONDON (Alliance News) - Mediclinic International PLC Wednesday said it had traded in line with its expectations in its most recently ended financial year and said its focus is now on the smooth integration of Al Noor Hospitals following the completion of its reverse takeover earlier this year.
The company reported a pretax profit of GBP245 million for the year to end-March, compared to a restated pretax profit of GBP266 million the previous year, on revenue of GBP2.11 billion, up from GBP1.98 billion.
The figures compare the combined group with Mediclinic alone the previous year, translated into sterling.
On an underlying basis, which strips out exceptional costs, earnings before interest, tax, depreciation and amortisation rose to GBP428 million from GBP403 million.
Mediclinic proposed a final dividend of 5.24 pence, taking its total dividend for the year to 7.90p, down from 9.33p the year before.
The company said the year had been one of the most significant in its history, including the reverse takeover of United Arab Emirates private healthcare group Al Noor and buying up a nearly 30% stake in London-listed Spire Healthcare Group PLC, as well as securing a FTSE 100 listing.
Mediclinic said the integration of Al Noor is well underway, and cost synergies have been identified, although they will be partially offset by new project start up costs and incremental operational investment.
"We are pleased to announce trading for the year has been in line with management's expectations. The group continues to deliver against its key performance indicators with growth in patient activity across all platforms at stable margins. With the Al Noor transaction completing on 15 February, we are now focused on the smooth integration of the business," said Chief Executive Officer Danie Meintjes in a statement.
"We expect an increase in demand for cost-effective quality hospital services and increasingly complex clinical services to continue leading to further volume growth. In line with industry trends, we are continuing to see the impact on our business of on-going regulatory initiatives and increasing competition," Meintjes added.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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