Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

Interim Management Statement

10th Feb 2010 07:00

RNS Number : 9217G
Synergy Health PLC
10 February 2010
 



10 February 2010

 

SYNERGY HEALTH PLC

("Synergy", "the Company" or "the Group")

 

Q3 Interim Management Statement

 

Synergy (SYR.L), a leading provider of specialist outsourced support services to health related markets in the UK, the Rest of Europe, Asia and South Africa, is pleased to provide an update on its progress since 27 September 2009.

 

Overall trading has continued in line with the first half of the year and we remain on track to meet the Board's expectations for the full year. Revenues in the third quarter increased 8.0% on the same period last year to £73.3 million (Q3 2008/9: £67.9.million). Revenues for the nine months to 27 December 2009 increased 7.6% to £216 million (YTD 2008/9: £201 million). Revenues in the operating regions were as follows:

 

Revenues Q3 09

Revenues Q3 08

Growth

United Kingdom

£39.1 million

£38.4 million

2.6%

Rest of Europe

£32.0 million

£27.5 million

16.0%

Asia and South Africa

£2.2 million

£2.0 million

14.7%

 

Operating margins were up 1.5% on the same period last year and 0.9% year to date. All of the businesses, with the exception of the UK laboratory business and the non-linen component of Healthcare Solutions, are operating in line with expectations. The laboratory business is expected to be largely corrected by the year end whilst a new MD at Healthcare Solutions is implementing a strategy that should see margin progression in the coming financial year.

 

Net debt has reduced further in the period to £140 million from £148 million on 27 September 2009, and the group continues to operate very comfortably within its agreed covenants.

 

Having successfully restored margins and improved cash generation the Group is now putting in place a strategy to lift growth rates across all three regions including China, where progress opening up the decontamination and sterilisation markets continues. We are pleased to report that our new Decontamination facility in Knowsley in the UK opened satisfactorily at the end of January and that we will achieve financial close with the University Hospitals of Leicester NHS Trust that will see a new facility open in a year's time.

 

We look forward to reporting further progress at the end of the next quarter on the 14th of April and our preliminary results on the 3rd of June 2010.

 

 

Enquiries:

 

Synergy Health plc

01793 891891

Dr Richard Steeves, Chief Executive

Ivan Jacques, Finance Director

Morgan Stanley

020 7677 2395

Peter Moorhouse

Investec

020 7597 5970

Patrick Robb

Financial Dynamics

020 7831 3113

Ben Brewerton

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IMSKKCDBBBKBOBK

Related Shares:

SYR.L
FTSE 100 Latest
Value8,463.46
Change0.00