23rd Feb 2006 07:03
CareTech Holdings PLC23 February 2006 For Immediate Release 23 February 2006 CareTech Holdings PLC AGM Statement CareTech Holdings PLC (AIM: CTH) ('CareTech' or 'the Company'), a leadingprovider of residential care services for adults with a learning disability, isholding its Annual General Meeting at 10.00am today. At the meeting, ExecutiveChairman, Farouq Sheikh, will make the following statement: "Following our successful flotation on AIM in October 2005 and the Company'sMaiden Preliminary Results Statement in December 2005, I am pleased to reportthat CareTech has made a positive start to the new financial year. Trading in the year thus far has been encouraging and we are making goodprogress in implementing the growth strategy outlined at the time of the IPO. Inthe financial year to date, the Company has successfully increased capacitythrough the development of a 12-person service in Hertfordshire and has added afurther four beds through the development of two existing homes. I am also pleased to report that we have this week reached agreement to acquiretwo further services comprising 17 adult PLD residential places in the Londonarea for a cash consideration of £2.7m. It is anticipated that these serviceswill be incorporated into CareTech's portfolio in March 2006. The pipeline of development and acquisition opportunities is strong and we areactively evaluating those the Directors believe capable of enhancing shareholdervalue. The Directors anticipate that such acquisitions will be financedprincipally by existing and new bank facilities. The Board is confident of theCompany's prospects and looks forward to reporting further progress during theforthcoming year." For further information, please contact: CareTech Holdings PLC 01707 652 053Farouq Sheikh, Executive ChairmanDavid Spink, Finance Director Buchanan Communications 020 7466 5000Diane Stewart/Amy Rajendran/Tim Anderson Notes to Editors: CareTech which was floated on AIM in October 2005 is a leading provider ofspecialist residential care services to adult people with learning difficulties('PLD'). CareTech's services are provided through 61 residential care homes and2 day centres located predominantly in the South of England and the WestMidlands. Current overall capacity is 439 beds in residential services and 55places in day services. The Company is headquartered in Potters Bar. Since formation in 1993, the Company has expanded organically through winningtenders and building new homes; and by acquisition - typically asset purchasesof single site care home operations. CareTech's strategy for growth is to takeadvantage of the supply shortage for high care standard PLD places and increasethe number of beds and homes it operates through the development of the existingportfolio, the establishment of new homes and by selected acquisition in afragmented market. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
CTH.L