18th Jun 2009 07:00
|
For Immediate Release |
18 June 2009 |
CareTech Holdings PLC
("CareTech" or "the Group" or "the Company")
Interim Results for the six months ended 31 March 2009
CareTech Holdings PLC (AIM: CTH), a leading UK provider of specialist social care services, is pleased to announce its interim results for the six months ended 31 March 2009.
Highlights
|
Revenue increased by 29% to £39.5m (2008: £30.7m) |
|
|
Adjusted EBITDA1 increased 36% to £9.6m (2008: £7.0m) |
|
|
Adjusted profit before tax2 increased by 47% to £5.7m (2008: £3.9m) |
|
|
Adjusted earnings per share2 increased by 22% to 10.21p (2008: 8.40p). |
|
|
Cash inflow from operating activities increased 57% to £9.9m (2008: £6.3m) |
|
|
Overall resident capacity increased by 72 to 1,380, including 47 organic beds |
|
|
Acquisition of 25 community mental health beds from Lyndhurst Psychiatric Care |
|
|
Interim dividend increased by 56% to 1.600p (2008: 1.025p) per share |
1 Adjusted EBITDA is operating profit stated before depreciation, amortisation of intangible assets and share based payments charge.
2 Adjusted profit before tax and adjusted earnings per share are stated before amortisation of intangible assets and significant items (explained in note 2).
Commenting on the results, Farouq Sheikh, Executive Chairman said:
"We have delivered a strong performance in the first six months of our financial year with growth in underlying earnings and operating cashflow. Further benefits of scale and our investment in the development of the business are delivering significant returns. We continue to see exciting new opportunities for growth in a non discretionary area of public spending; consolidating the specialist social care services market through a range of progressive organic developments and selective acquisitions."
For further information please contact
|
CareTech Holdings PLC |
01707 601 800 |
|
Farouq Sheikh, Executive Chairman |
|
|
David Pugh, Finance Director |
|
|
Brewin Dolphin Investment Banking |
0845 213 4730 |
|
Matt Davis |
|
|
Sean Wyndham-Quin |
|
|
Buchanan Communications |
0207 466 5000 |
|
Diane Stewart |
|
|
Tim Anderson |
|
|
Isabel Podda |
Chairman's Statement
Results
The Group performed strongly in the six months to 31 March 2009. Revenue grew by 29% to £39.5m (2008: £30.7m) which, together with further benefits from our operational gearing, helped to deliver adjusted EBITDA of £9.6m (2008: £7.0m) representing growth of 36%.
Adjusted profit before tax increased by 47% to £5.7m (2008: £3.9m) and, following an increase in the number of shares in issue after the July 2008 placing, adjusted earnings per share rose by 22% to 10.21p (2008: 8.40p).
Our balance sheet remains strong with the backing of a substantial freehold property portfolio, whilst the first half cash inflow from operating activities of £9.9m (2008: £6.3m) demonstrates the quality of our income stream. At 31 March 2009 net debt of £89.3m represents an increase of £4.0m during the first six months of our financial year following further investment in organic developments and the acquisition of the assets and business of Lyndhurst Psychiatric Care ("Lyndhurst").
Dividend
The Board is pleased to declare an interim dividend of 1.600p (2008: 1.025p) per share, representing an increase of 56%, which will be paid on 6 August 2009 to shareholders on the register at 26 June 2009. Our policy is to grow future dividends in line with earnings growth.
Client capacity and occupancy
Client capacity has increased from 1,308 places at 30 September 2008 to 1,380 places at 31 March 2009, representing an increase of 72 beds (5.5%). 47 beds were developed through organic initiatives and a further 25 beds were taken on through the acquisition of Lyndhurst.
Occupancy in our established services where we have operated for more than twelve months continues at a high rate of 94%. With average lengths of stay measured in decades it is this security of occupancy which provides excellent visibility of our future income stream.
Operating review
The Group's performance in the six months to 31 March 2009 has benefited from economies of scale delivered from further organic growth and last year's acquisitions of Beacon Care and Valeo. The underlying EBITDA margin increase from 22.9% to 24.3% demonstrates the effectiveness of the organisational structure which we have established.
We currently operate through two divisions, with six business units, providing the platform for growth. The structure facilitates the nurturing of local relationships with the support of corporate resources. As we anticipate further growth in the future we will continue to develop our management teams and the range of specialist skills of our staff.
The range of specialist social care services provided by the Group includes residential, transitional, supported living and day-opportunity services for people with learning difficulties together with step down and community mental health provision. We also continue to develop our children's (aged 12 and over) services and family assessment centres. With high quality care standards at the forefront of our operations we are able to offer a range of services which supports the needs of individual service users and their respective funding authorities.
Acquisition
Responding to an increased demand for community mental health provision we have enhanced our step down mental health capabilities by the purchase of 25 beds from Lyndhurst during the period. Established in 1985 Lyndhurst was acquired for cash consideration of £5.4m and is complementary to our One-Step supported living business as well as extending our range of specialist social care services.
We plan to build upon the expertise which Lyndhurst brings to the Group in order to further expand mental health and related services across our regions.
Strategy
The specialist social care market is large, growing and remains highly fragmented.
There are approximately 1.4m people in the UK who have a learning difficulty. Of this group the Department of Health has said that there are currently 185,000 people who are so disabled that they cannot live independently. Laing & Buisson (L&B) estimate that 85,775 residential beds are available across the UK. A shortfall in the provision of care is evident.
Recent research at Lancaster University indicates annual growth of 5.5% in the number of people with learning difficulties who are likely to use services. The special interest group MIND considers that up to 40% of people with learning difficulties have an additional mental health problem. The UK independent sector for learning difficulties and mental health is estimated to be worth £6.7bn (L&B).
Within the UK there are said to be 8.6m people who have specific mental health disorders (2007). During crisis, many of these people will require acute or therapeutic health care as hospital in-patients. However, many will also require step down or community services once they have left the acute services, and often for an extended period during their journey back to an ordinary life.
Mental health provision is also highly fragmented and diverse in both quality and type of service. The directors believe that CareTech's unique blend of quality and thoughtful delivery of care and support lends itself well to the development of new and innovative approaches to community based mental health. Indeed, the synergy offered through further development of a clinical infrastructure in mental health will enhance the services offered to each of CareTech's client groups.
With our sophisticated care pathway, high quality standards, strong financial backing and dedicated employees we have a clear and focused strategy making us a leading consolidator of the market for both learning difficulties and community mental health provision.
CareTech is also well placed to build on the trend for more able people to move into independent supported living; freeing space for the most complex people to be supported within existing residential care services and driving the organic growth of further complex needs resources.
The Group will continue to evaluate further selective acquisition opportunities alongside organic growth in order to develop our range of services and geographic coverage to meet the needs of clients and deliver accretive returns on investment.
Outlook and prospects
Organic growth in the first half of the financial year is again ahead of expectations and we have built upon a strong regional management structure to support local relationships and drive forward further growth. The acquisition of Lyndhurst is an important extension of our community mental health capability and provides additional opportunities for expanding our specialist services. The Group's margin growth again illustrates the specialist nature of our business and the effectiveness of our overhead base.
With robust internal quality standards, a business which operates in an area of non discretionary public spending, high levels of occupancy and a visible income stream the Board remains confident about the future prospects of the Group and its ability to continue to grow market share.
Farouq Sheikh
Chairman 18 June 2009
Unaudited Consolidated Income Statement
for the 6 months ended 31 March 2009
|
6 months ended |
6 months ended |
Year ended |
|||||||
|
31 March 2009 |
31 March 2008 |
30 Sept 2008 |
|||||||
|
Before |
Before |
Before |
|||||||
|
amortisation |
amortisation |
amortisation |
|||||||
|
& significant |
Total |
& significant |
Total |
& significant |
Total |
||||
|
items(1) |
unaudited |
items(1) |
unaudited |
items(1) |
audited |
||||
|
Note |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|||
|
Revenue |
39,510 |
39,510 |
30,690 |
30,690 |
67,713 |
67,713 |
|||
|
Cost of sales |
(25,067) |
(25,067) |
(19,512) |
(19,512) |
(42,043) |
(42,043) |
|||
|
Gross profit |
14,443 |
14,443 |
11,178 |
11,178 |
25,670 |
25,670 |
|||
|
Administrative expenses |
(5,893) |
(6,002) |
(4,808) |
(4,875) |
(9,885) |
(10,854) |
|||
|
Operating profit |
8,550 |
8,441 |
6,370 |
6,303 |
15,785 |
14,816 |
|||
|
EBITDA |
9,587 |
9,587 |
7,038 |
7,038 |
17,254 |
17,254 |
|||
|
Depreciation |
(941) |
(941) |
(623) |
(623) |
(1,356) |
(1,356) |
|||
|
Amortisation of intangible assets |
- |
(109) |
- |
(67) |
- |
(218) |
|||
|
Share-based payments charge |
(96) |
(96) |
(45) |
(45) |
(113) |
(113) |
|||
|
Significant items |
2 |
- |
- |
- |
- |
- |
(751) |
||
|
Operating profit |
8,550 |
8,441 |
6,370 |
6,303 |
15,785 |
14,816 |
|||
|
Financial income |
13 |
13 |
14 |
14 |
71 |
71 |
|||
|
Financial expenses |
2,3 |
(2,834) |
(8,448) |
(2,490) |
(2,490) |
(5,318) |
(7,233) |
||
|
Financial expenses excluding significant items |
(2,834) |
(2,834) |
(2,490) |
(2,490) |
(5,318) |
(5,318) |
|||
|
Loan finance costs written-off on refinancing |
2 |
- |
- |
- |
- |
- |
(650) |
||
|
IAS 39 movements |
2 |
- |
(5,614) |
- |
- |
- |
(1,265) |
||
|
Financial expenses |
(2,834) |
(8,448) |
(2,490) |
(2,490) |
(5,318) |
(7,233) |
|||
|
Profit before tax |
5,729 |
6 |
3,894 |
3,827 |
10,538 |
7,654 |
|||
|
Taxation |
2,4 |
(1,176) |
(201) |
(821) |
(1,086) |
(2,122) |
(2,383) |
||
|
Profit/(loss) attributable to equity shareholders of the parent |
4,553 |
(195) |
3,073 |
2,741 |
8,416 |
5,271 |
|||
|
Earnings/(loss) per share |
|||||||||
|
Basic |
5,6 |
10.21p |
(0.44)p |
8.40p |
7.49p |
21.82p |
13.67p |
||
|
Diluted |
5,6 |
10.16p |
(0.44)p |
8.29p |
7.39p |
21.58p |
13.52p |
||
(1) Significant items are explained in note 2.
Unaudited Consolidated Statement of Recognised Income and Expense
for the 6 months ended 31 March 2009
|
6 months ended |
6 months ended |
Year ended |
|
|
31 March 2009 |
31 March 2008 |
30 Sept 2008 |
|
|
unaudited |
unaudited |
audited |
|
|
£000 |
£000 |
£000 |
|
|
Effective portion of changes in fair value of cash flow hedges |
- |
(812) |
(359) |
|
Net change in fair value of cash flow hedges transferred to profit and loss |
- |
- |
564 |
|
Deferred tax on hedge reserve movement |
- |
224 |
(61) |
|
Deferred tax on share-based payments charge |
- |
(85) |
- |
|
Net (expense)/income recognised directly in equity |
- |
(673) |
144 |
|
(Loss)/profit for the period |
(195) |
2,741 |
5,271 |
|
Total recognised income and expense attributable to equity shareholders of the parent |
(195) |
2,068 |
5,415 |
Unaudited Consolidated Balance Sheet
at 31 March 2009
|
31 March 2009 |
31 March 2008 |
30 Sept 2008 |
|
|
unaudited |
unaudited |
audited |
|
|
£000 |
£000 |
£000 |
|
|
Non-current assets |
|||
|
Goodwill |
15,713 |
11,991 |
15,574 |
|
Other intangible assets |
1,066 |
881 |
1,149 |
|
Property, plant and equipment |
157,387 |
104,613 |
148,576 |
|
174,166 |
117,485 |
165,299 |
|
|
Current assets |
|||
|
Trade and other receivables |
10,829 |
7,398 |
11,433 |
|
Cash and cash equivalents |
6,075 |
530 |
2,126 |
|
16,904 |
7,928 |
13,559 |
|
|
Total assets |
191,070 |
125,413 |
178,858 |
|
Current liabilities |
|||
|
Loans and borrowings |
5,086 |
316 |
350 |
|
Trade and other payables |
6,130 |
2,512 |
3,981 |
|
Tax payable |
3,191 |
2,484 |
3,208 |
|
Deferred and contingent consideration payable |
8,856 |
- |
8,361 |
|
Deferred income |
5,929 |
4,490 |
7,792 |
|
29,192 |
9,802 |
23,692 |
|
|
Non-current liabilities |
|||
|
Loans and borrowings |
90,283 |
80,903 |
87,089 |
|
Deferred and contingent consideration payable |
- |
5,515 |
- |
|
Deferred tax liabilities |
12,194 |
8,818 |
13,102 |
|
Derivative financial instruments |
6,724 |
1,017 |
1,264 |
|
109,201 |
96,253 |
101,455 |
|
|
Total liabilities |
138,393 |
106,055 |
125,147 |
|
Net assets |
52,677 |
19,358 |
53,711 |
|
Equity attributable to equity shareholders of the parent |
|||
|
Share capital |
224 |
183 |
223 |
|
Share premium |
38,825 |
9,569 |
38,543 |
|
Merger reserve |
5,037 |
1,998 |
5,037 |
|
Hedging reserve |
- |
(732) |
- |
|
Retained earnings |
8,591 |
8,340 |
9,908 |
|
Total equity |
52,677 |
19,358 |
53,711 |
Unaudited Consolidated Cash Flow Statement
for the 6 months ended 31 March 2009
|
6 months ended |
6 months ended |
Year ended |
|
|
31 March 2009 |
31 March 2008 |
30 Sept 2008 |
|
|
unaudited |
unaudited |
audited |
|
|
£000 |
£000 |
£000 |
|
|
Cash flows from operating activities |
|||
|
Profit before tax |
6 |
3,827 |
7,654 |
|
Financial income |
(13) |
(14) |
(71) |
|
Financial expenses |
8,448 |
2,490 |
7,233 |
|
Depreciation |
941 |
623 |
1,356 |
|
Amortisation |
109 |
67 |
218 |
|
Share-based payments charge |
96 |
45 |
113 |
|
Interest received |
13 |
14 |
71 |
|
Operating cash flows before movement in working capital |
9,600 |
7,052 |
16,574 |
|
Decrease/(increase) in trade and other receivables |
604 |
996 |
(2,160) |
|
(Decrease)/increase in trade and other payables |
(260) |
(1,714) |
(38) |
|
Cash inflows from operating activities |
9,944 |
6,334 |
14,376 |
|
Tax paid |
(1,152) |
(386) |
(670) |
|
Net cash from operating activities |
8,792 |
5,948 |
13,706 |
|
Cash flows from investing activities |
|||
|
Acquisition of subsidiaries, net of cash acquired |
(5,852) |
(318) |
(30,637) |
|
Acquisition of property, plant and equipment |
(2,432) |
(13,107) |
(18,181) |
|
Acquisition of software |
(26) |
- |
(419) |
|
Net cash used in investing activities |
(8,310) |
(13,425) |
(49,237) |
|
Cash flows from financing activities |
|||
|
Proceeds from the issue of share capital (net of costs) |
283 |
- |
29,012 |
|
Proceeds from new loan (net of costs) |
7,170 |
9,871 |
96,454 |
|
Interest paid |
(2,480) |
(2,718) |
(5,318) |
|
Repayment of borrowings |
- |
(100) |
(82,024) |
|
Payment of finance lease liabilities |
(288) |
(139) |
(445) |
|
Dividends paid |
(1,218) |
- |
(1,115) |
|
Net cash from financing activities |
3,467 |
6,914 |
36,564 |
|
Net increase/(decrease) in cash and cash equivalents |
3,949 |
(563) |
1,033 |
|
Cash and cash equivalents at start of the period |
2,126 |
1,093 |
1,093 |
|
Cash and cash equivalents at end of the period |
6,075 |
530 |
2,126 |
Net debt in the balance sheet comprises:
|
31 March 2009 |
31 March 2008 |
30 Sept 2008 |
|
|
unaudited |
unaudited |
audited |
|
|
£000 |
£000 |
£000 |
|
|
Cash at bank and in hand |
6,075 |
530 |
2,126 |
|
Bank loans |
(93,422) |
(80,331) |
(86,177) |
|
Finance leases and hire purchase contracts |
(1,947) |
(888) |
(1,262) |
|
Net debt at end of the period |
(89,294) |
(80,689) |
(85,313) |
Notes
1. Accounting policies
This interim report has been prepared on the basis of the accounting policies expected to be adopted for the year ended 30 September 2009. These are anticipated to be in accordance with the Group's accounting policies as set out in the latest annual financial statements for the year ended 30 September 2008.
All International Financial Reporting Standards ('IFRS'), International Accounting Standards ('IAS') and interpretations currently endorsed by the International Accounting Standards Board ('IASB') and its committees as adopted by the EU and as required to be adopted by AIM-listed companies have been applied. AIM-listed companies are not required to comply with IAS 34 'Interim Financial Reporting' and accordingly the Company has taken advantage of this exemption.
The financial information in this interim report does not constitute statutory accounts for the 6 months ended 31 March 2009 and should be read in conjunction with the Group's annual financial statements for the year ended 30 September 2008. Financial information for the year ended 30 September 2008 has been derived from the consolidated audited accounts for that period which were unqualified.
The condensed consolidated interim financial statements for the 6 months to 31 March 2009 have not been audited or reviewed by auditors pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information.
This unaudited interim report was approved by the Board on 18 June 2009.
2. Significant items
Significant items are those items of financial performance that the directors consider should be separately disclosed to assist in the understanding of the trading performance achieved by the Group. Significant items comprise the following:
|
6 months ended |
6 months ended |
Year ended |
||
|
31 March 2009 |
31 March 2008 |
30 Sept 2008 |
||
|
unaudited |
unaudited |
audited |
||
|
Note |
£000 |
£000 |
£000 |
|
|
Acquisition integration costs |
(i) |
- |
- |
456 |
|
Business restructuring costs |
(ii) |
- |
- |
295 |
|
Included in operating expenses |
- |
- |
751 |
|
|
Loan finance costs written off on refinancing |
(iii) |
- |
- |
650 |
|
IAS 39 movements on derivative financial instruments |
(iv) |
5,614 |
- |
1,265 |
|
Included in financial expenses |
5,614 |
- |
1,915 |
|
|
Significant items tax effect: |
||||
|
Current tax |
(v) |
- |
- |
(402) |
|
Deferred tax |
(vi) |
(975) |
265 |
663 |
|
Included in taxation |
(975) |
265 |
261 |
(i) Following the acquisitions of the Beacon and Valeo businesses during the year ended 30 September 2008, the Group incurred a
number of costs relating to reorganisation as these businesses were integrated into the Group.
(ii) During the year ended 30 September 2008 the Group incurred significant costs as it restructured its business with respect to agency
staff costs. To address this, non-recurring costs were incurred to establish a wider pool of Group employees.
(iii) In April 2008, the Group completed a new banking facility agreement. The unamortised element of loan fee costs on the replaced debt
was therefore fully written off.
(iv) IAS 39 movements on derivative financial instruments represent the movements during the period in the fair value of the Group's
interest rate swaps which do not qualify for hedge accounting.
(v) Represents the current tax on items (i), (ii), and (iii) above.
(vi) A deferred tax credit of £1,572,000 (30 September 2008: £354,000) arises in respect of IAS 39 movements on derivative financial
instruments in (iv) above. In addition, a charge arises from the effects of full provision for deferred tax under IAS 12 amounting to
£597,000 (31 March 2008: £265,000; 30 September 2008: £1,017,000).
3. Financial Expenses
|
6 months ended |
6 months ended |
Year ended |
|
|
31 March 2009 |
31 March 2008 |
30 Sept 2008 |
|
|
unaudited |
unaudited |
audited |
|
|
£000 |
£000 |
£000 |
|
|
On bank loans and overdrafts |
2,772 |
2,436 |
5,198 |
|
Finance charge on finance leases |
62 |
54 |
120 |
|
Financial expenses before significant items |
2,834 |
2,490 |
5,318 |
|
Significant items (explained in note 2) |
5,614 |
- |
1,915 |
|
Total financial expenses |
8,448 |
2,490 |
7,233 |
4. Taxation
|
6 months ended |
6 months ended |
Year ended |
|
|
31 March 2009 |
31 March 2008 |
30 Sept 2008 |
|
|
unaudited |
unaudited |
audited |
|
|
£000 |
£000 |
£000 |
|
|
Current tax expense |
|||
|
Current period before significant items |
1,248 |
821 |
2,047 |
|
Significant items (explained in note 2) |
- |
- |
(402) |
|
Total current tax |
1,248 |
821 |
1,645 |
|
Deferred tax expense |
|||
|
Current period before significant items |
(72) |
- |
75 |
|
Significant items (explained in note 2) |
(975) |
265 |
663 |
|
Total deferred tax |
(1,047) |
265 |
738 |
|
Total tax expense |
|||
|
Current period before significant items |
1,176 |
821 |
2,122 |
|
Significant items (explained in note 2) |
(975) |
265 |
261 |
|
Total tax |
201 |
1,086 |
2,383 |
|
Effective tax rate on adjusted profit before taxation |
20.5% |
21.1% |
20.1% |
5. Earnings per share
|
6 months ended |
6 months ended |
Year ended |
|
|
31 March 2009 |
31 March 2008 |
30 Sept 2008 |
|
|
unaudited |
unaudited |
audited |
|
|
£000 |
£000 |
£000 |
|
|
(Loss)/profit attributable to ordinary shareholders |
(195) |
2,741 |
5,271 |
|
Weighted number of shares in issue for basic earnings per share |
44,586,292 |
36,596,061 |
38,566,397 |
|
Weighted number of shares for diluted earnings per share |
44,586,292 |
37,067,762 |
38,991,559 |
Diluted earnings per share is the basic earnings per share adjusted for the dilutive effect of the conversion into fully paid shares of the weighted average number of share options outstanding during the period.
(Loss)/earnings per share (pence per share)
|
Basic |
(0.44p) |
7.49p |
13.67p |
|||
|
Diluted |
(0.44p) |
7.39p |
13.52p |
6. Adjusted earnings per share
A measure of adjusted earnings and adjusted earnings per share has been presented in order to assist in the understanding of the trading performance achieved by the Group, before amortisation and significant items (explained in note 2).
|
6 months ended |
6 months ended |
Year ended |
||
|
31 March 2009 |
31 March 2008 |
30 Sept 2008 |
||
|
unaudited |
unaudited |
audited |
||
|
Note |
£000 |
£000 |
£000 |
|
|
(Loss)/profit attributable to ordinary shareholders |
(195) |
2,741 |
5,271 |
|
|
Amortisation of intangible assets |
(i) |
109 |
67 |
218 |
|
Significant items (explained in note 2) |
4,639 |
265 |
2,927 |
|
|
Adjusted profit attributable to ordinary shareholders |
4,553 |
3,073 |
8,416 |
|
|
Adjusted earnings per share (pence per share) |
||||
|
Basic |
10.21p |
8.40p |
21.82p |
|
|
Diluted |
(ii) |
10.16p |
8.29p |
21.58p |
(i) Amortisation is charged on intangible software and customer relationship assets established in accordance with IFRS 3: "Business
Combinations". As a non-cash charge it is added back to adjusted earnings.
(ii) Diluted adjusted earnings per share for the 6 months ended 31 March 2009 is calculated based on 44,803,096 shares.
7. Reconciliation of total equity
|
6 months ended |
6 months ended |
Year ended |
|
|
31 March 2009 |
31 March 2008 |
30 Sept 2008 |
|
|
unaudited |
unaudited |
audited |
|
|
£000 |
£000 |
£000 |
|
|
Balance at start of period |
53,711 |
17,245 |
17,245 |
|
Total recognised income and expense |
(195) |
2,068 |
5,415 |
|
Issue of ordinary shares |
283 |
- |
32,053 |
|
Equity settled share-based payments charge |
96 |
45 |
113 |
|
Dividends |
(1,218) |
- |
(1,115) |
|
Balance at end of period |
52,677 |
19,358 |
53,711 |
8. Dividends
|
6 months ended |
6 months ended |
Year ended |
|
|
31 March 2009 |
31 March 2008 |
30 Sept 2008 |
|
|
unaudited |
unaudited |
audited |
|
|
£000 |
£000 |
£000 |
|
|
Amounts recognised as distributions to equity shareholders in the period: |
|||
|
- Final dividend for the year ended 30 September 2008 of 2.725p per share |
1,218 |
- |
- |
|
- Interim dividend for the year ended 30 September 2008 of 1.025p per share |
- |
- |
383 |
|
- Final dividend for the year ended 30 September 2007 of 2.000p per share |
- |
- |
732 |
|
Total dividends |
1,218 |
- |
1,115 |
Proposed dividends are not included as a liability at the balance sheet date in accordance with IAS 10: 'Events After the Balance Sheet Date'.
9. Business Combination
IFRS 3: 'Business Combinations' requires that material business combinations are separately identified and disclosed. During the period, the trade and assets of a step down mental health business known as Lyndhurst were acquired which gives rise to the following provisional fair value table:
|
Fair value acquired |
|
|
£000 |
|
|
Properties |
5,812 |
|
Other assets |
40 |
|
5,852 |
|
|
Consideration: |
|
|
Cash consideration |
5,400 |
|
Costs of acquisition |
452 |
|
Total cost of acquisition |
5,852 |
The provisional fair value of properties reflect their value on a going concern market value basis.
Following acquisition on 16 January 2009, Lyndhurst has contributed EBITDA of £183,000 to the Group's result for the 6 months to 31 March 2009.
10. Distribution to shareholders
This interim report is being sent to all shareholders and will be available to the public on the Group's website
(www.caretech-uk.com) and from the Group's registered office, Leighton House, 33-37 Darkes Lane, Potters Bar,
Hertfordshire EN6 1BB.
Related Shares:
CTH.L