17th Jun 2010 07:00
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For Immediate Release |
17 June 2010 |
CareTech Holdings PLC
("CareTech" or "the Group" or "the Company")
Interim Results for the six months ended 31 March 2010
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 2010.
Highlights
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Revenue increased by 5% to £41.4m (2009: £39.5m) |
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·; |
EBITDA(i) increased 11% to £10.7m (2009: £9.6m) |
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Profit before tax(ii) increased by 32% to £7.6m (2009: £5.7m) |
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Diluted earnings per share(ii) increased by 28% to 12.97p (2009: 10.16p) |
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Strong first half operating cash inflow of £10.2m and net debt of £80.8m at 31 March 2010 |
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Overall resident capacity increased by 50 organic beds to 1,480 |
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3 strategic acquisitions adding 140 places since the period end for £11m initial consideration, expected to be accretive in first full year of operation |
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Interim dividend increased by 15% to 1.84p (2009: 1.60p) per share |
(i) EBITDA is operating profit stated before depreciation, share-based payments charge, amortisation of intangible assets and significant items (explained in note 2);
(ii) Profit before tax and diluted 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:
"Further significant progress has been achieved during the past six months and with a number of competitive advantages the Group is very well positioned to continue to gain market share. Strong growth in earnings and bed capacity have been delivered in the first six months of our financial year. We have enhanced our position by making £85m of funds available to accelerate the consolidation strategy following a £15m share placing during the period and a £165m bank refinancing in April on competitive terms. Subsequently we have extended our geographical coverage and care pathway range of services by adding 140 places through the strategic acquisition of three businesses for an initial combined consideration of £11m. These are expected to be accretive in the first full year of operation. We continue to actively evaluate a substantial pipeline of acquisition opportunities with a view to completing those believed to be the best strategic fit and offering the most attractive prospective returns to shareholders."
For further information please contact:
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CareTech Holdings PLC |
01707 601 800 |
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Farouq Sheikh, Executive Chairman |
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David Pugh, Group Finance Director |
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Brewin Dolphin Investment Banking |
0845 213 4730 |
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Matt Davis |
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Sean Wyndham-Quin |
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Buchanan Communications |
0207 466 5000 |
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Diane Stewart |
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Tim Anderson |
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Carrie Clement |
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Chairman's Statement
Results
We are pleased to report a strong Group performance in the first six months of our financial year. Revenue of £41.4m (2009: £39.5m) delivered an EBITDA margin of 25.7% (2009: 24.3%), reflecting the benefits of an efficient operating structure and resulting in EBITDA growth of 11% to £10.7m (2009: £9.6m).
Profit before tax increased by 32% to £7.6m (2009: £5.7m) and diluted earnings per share rose by 28% to 12.97p (2009: 10.16p).
The strong first half cash inflow from operating activities of £10.2m (2009: £9.9m) continues to demonstrate the quality of our income stream. At 31 March 2010 net debt of £80.8m represents an improvement of £12.6m during the first six months of our financial year following further investment in organic developments and the equity placing of £14.6m, net of expenses, on 15 March 2010.
Dividend
The Board is pleased to declare an interim dividend of 1.84p (2009: 1.60p) per share, representing an increase of 15%, which will be paid on 6 August 2010 to shareholders on the Register of Members on 9 July 2010. Our policy is to increase dividends broadly in line with earnings growth.
Client capacity and occupancy
During the first six months of our financial year we have increased capacity by 50 beds to 1,480 through organic growth initiatives and also maintained occupancy levels of 93% in established services.
The average age of our service users is 44 years old and we have excellent visibility of our future income stream. Sustainable occupancy levels are also underpinned by the high quality of our services with 87% of those registered under OFSTED and CQC achieving a rating of good or excellent.
Operating review
The non discretionary long-term and cost effective nature of our services positions CareTech to gain market share as a supplier of choice for care commissioners. We have an outstanding range of high quality services that are focussed on positive outcomes for the individuals who we support. Whilst public sector spending pressures are affecting many of the 127 local authorities which we currently service, increasingly we are able to develop strategic relationships in order to deliver a range of services more cost effectively - which in turn delivers benefits to CareTech through our operational gearing.
Across the Group we have continued to organically develop our care pathway range of services including residential, transitional, supported living, day centres, family assessments and community mental health. We have also organically expanded our geographical coverage, particularly in Yorkshire and the South West. Investment in our substantial freehold property portfolio helps to attract placements and we continue to refurbish and reconfigure services to support the needs of service users and their respective funding authorities.
Board changes
As previously announced, since the period end Dr Richard Steeves, Non-executive Director, decided to retire from the Board of CareTech in order to pursue his other business interests. Richard had been with us since September 2005 and has made a valuable contribution to the growth and success of the Group over the past five years. The Boardwould like to thank Richard for his years of service and wish him well for the future.
We are also delighted to have announced that Mike Adams joins the Board today as a non-executive director. Mike is the Chief Executive Officer of the Essex Coalition of Disabled People and a former Non-Executive Director of the Mid Essex Hospitals NHS Trust. He has extensive experience within the learning disabilities, mental health and care sector and the Board believes his experience and contacts will prove invaluable to the Group's development.
Refinancing
Shortly following the period end, in April, we refinanced the Group's £107m bank facility by extending it to £165m on attractive terms. Together with the £15m share placing in March, this gave the Group approximately £85m of available funds to accelerate the consolidation strategy. With an appropriate interest rate hedging structure we are confident that the total cost of borrowing to the Group will remain at attractive and highly competitive levels until the facility renewal date in April 2013.
Acquisitions
We are delighted to announce that since the period end we have acquired three businesses each of which complement our strategy of providing a range of specialist social care services across an expanding geographical area. With an initial combined consideration of approximately £11m these acquisitions increase capacity by 140 places and are expected to be accretive to earnings in the first full year of operation. Some of the key attractions of each acquisition are as follows:
Greenfields Care Group Ltd ("Greenfields") specialises in delivering positive outcomes for children with Emotional and Behavioural Disorders (EBD). Established in 2000 Greenfields has a capacity of 17 beds across seven homes in South East Wales and around Bristol, it supports and educates children aged between 11 and 18 years old. With the continuing support of the vendor and a highly skilled staff team, we see the acquisition as a high quality entry platform for CareTech to support local authorities with EBD services as part of our care pathway solution for children's services.
St. Michael's Support and Care Ltd ("St.Michael's") is a good quality supported living business for people with learning difficulties and mental health requirements. With a current capacity of 38 beds the business has established a strong reputation in North London and extends the care pathway range of services that CareTech is able to offer in this geographical area.
Outlook Fostering Services Ltd ("Outlook") was established in 2002 and has continued to grow its market share by providing an outsourcing solution to local authorities, with a quality rating of "Outstanding". Outlook's strong pipeline of carers has been maintained through effective recruitment and training programmes. 85 children, aged from birth to 18 years old, are currently cared for by Outlook foster parents for funding authorities located mainly in London and the Home Counties. We are delighted to have found such a strong partner to support CareTech's entry into this highly fragmented and fast growing area of social care provision and we look forward to the complementary benefits of offering a fostering solution alongside our existing children's residential and family assessment services.
Strategy
Care pathway
Our strategy continues its clear focus on the provision of a care pathway range of high quality specialist social care services. By pursuing this strategy we continue to gain market share as a supplier of choice for care commissioners.
As a Group, our care pathway range of services for individuals and placement authorities now includes residential learning difficulties, supported living, mental health, community outreach, family assessment, EBD, children's residential and fostering. However we do not offer the full range of solutions in each of our geographical regions of operation, therefore as an important part of our strategy we continue to invest organically in the infrastructure and specialist resources necessary to provide each local commissioning team with an integrated offering.
Acquisition strategy
Alongside the organic development of services within the Group's existing geographical spread, we will continue to make selective acquisitions in order to accelerate the consolidation of our highly fragmented market and deliver a comprehensive range of specialist social care solutions across the UK. We have invested in additional resource to support our corporate development activities. With substantial firepower and highly visible cash flows being available for acquisitions, the Group is well placed to take advantage of growth opportunities. The current economic climate and pace of regulatory change has begun to favourably impact vendor price expectations. Our acquisition strategy remains focused on selectively targeting businesses which complement CareTech's care pathway approach and which are accretive to potential shareholder value.
The acquisition pipeline is substantial and the Board anticipates further funds being deployed in the acquisition of multiple opportunities.
Prospects
The Group is in a strong and competitive position to support local authorities with an innovative range of services which provide positive outcomes for individual service users and deliver effective funding solutions for the demographically driven growth in demand. We continue to trade in line with the directors' expectations and look forward to further organic growth being accomplished through recent acquisitions supplementing the investment being made in our regional structure.
The Group has a very strong financial position and highly visible income stream. As overall occupancy levels continue to grow we are confident that CareTech will gain additional market share and deliver benefits of scale.
Farouq Sheikh
Chairman 17 June 2010
Condensed Consolidated Income Statement
for the 6 months ended 31 March 2010
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6 months ended 31 March 2010 unaudited |
6 months ended 31 March 2009 unaudited |
Year ended 30 September 2009 audited |
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Note |
Before amortisation & significant items(i) £000 |
Total unaudited £000 |
Before amortisation & significant items(i) £000 |
Total unaudited £000 |
Before amortisation & significant items(i) £000 |
Total audited £000 |
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Revenue |
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41,421 |
41,421 |
39,510 |
39,510 |
83,421 |
83,421 |
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Cost of sales |
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(24,815) |
(24,815) |
(24,508) |
(24,508) |
(49,435) |
(49,435) |
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Gross profit |
|
16,606 |
16,606 |
15,002 |
15,002 |
33,986 |
33,986 |
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Administrative expenses |
|
(7,352) |
(8,459) |
(6,452) |
(7,388) |
(13,616) |
(15,610) |
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Operating profit |
|
9,254 |
8,147 |
8,550 |
7,614 |
20,370 |
18,376 |
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|
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EBITDA |
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10,653 |
10,653 |
9,587 |
9,587 |
22,779 |
22,779 |
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Depreciation |
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(1,249) |
(1,249) |
(941) |
(941) |
(2,200) |
(2,200) |
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Amortisation of intangible assets |
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- |
(327) |
- |
(109) |
- |
(340) |
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Share-based payments charge |
|
(150) |
(150) |
(96) |
(96) |
(209) |
(209) |
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Adjustments for minimum future lease payment uplifts |
2 |
- |
(780) |
- |
(827) |
- |
(1,654) |
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Operating profit |
|
9,254 |
8,147 |
8,550 |
7,614 |
20,370 |
18,376 |
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|
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Financial income |
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- |
- |
13 |
13 |
15 |
15 |
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Financial expenses |
2,3 |
(1,704) |
(3,542) |
(2,834) |
(8,448) |
(5,091) |
(11,582) |
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Financial expenses excluding significant items |
|
(1,704) |
(1,704) |
(2,834) |
(2,834) |
(5,091) |
(5,091) |
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Charges relating to derivative financial instruments |
2 |
- |
(1,838) |
- |
(5,614) |
- |
(6,491) |
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Financial expenses |
|
(1,704) |
(3,542) |
(2,834) |
(8,448) |
(5,091) |
(11,582) |
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Profit/(loss) before tax |
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7,550 |
4,605 |
5,729 |
(821) |
15,294 |
6,809 |
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Taxation |
2,4 |
(1,541) |
(1,395) |
(1,176) |
30 |
(3,103) |
(2,016) |
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Profit/(loss) attributable to equity shareholders of the parent |
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6,009 |
3,210 |
4,553 |
(791) |
12,191 |
4,793 |
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Earnings/(loss) per share |
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Basic |
5,6 |
13.04p |
6.97p |
10.21p |
(1.77p) |
27.28p |
10.73p |
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Diluted |
5,6 |
12.97p |
6.93p |
10.16p |
(1.77p) |
27.15p |
10.67p |
(i) Significant items are explained in note 2.
Condensed Consolidated Statement of Comprehensive Income
for the 6 months ended 31 March 2010
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6 months ended 31 March 2010 unaudited £000 |
6 months ended 31 March 2009 unaudited £000 |
Year ended 30 September 2009 audited £000 |
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Profit for the period |
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3,210 |
(791) |
4,793 |
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Total comprehensive income for period |
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3,210 |
(791) |
4,793 |
Condensed Consolidated Statement of Changes in Equity
at 31 March 2010
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6 months ended 31 March 2010 unaudited £000 |
6 months ended 31 March 2009 unaudited £000 |
Year ended 30 September 2009 audited £000 |
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Balance at start of period |
47,414 |
44,019 |
44,019 |
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Total comprehensive income |
3,210 |
(791) |
4,793 |
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Issue of ordinary shares |
18,211 |
283 |
311 |
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Equity settled share-based payments charge |
150 |
96 |
209 |
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Dividends |
- |
(1,218) |
(1,918) |
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Balance at end of period |
68,985 |
42,389 |
47,414 |
Condensed Consolidated Balance Sheet
at 31 March 2010
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31 March 2010 unaudited £000 |
31 March 2009 unaudited £000 |
30 September 2009 audited £000 |
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Non-current assets |
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Property, plant and equipment |
166,271 |
157,387 |
160,330 |
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Other intangible assets |
4,768 |
1,066 |
2,619 |
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Goodwill |
15,954 |
15,713 |
15,954 |
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|
186,993 |
174,166 |
178,903 |
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Current assets |
|
|
|
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Trade and other receivables |
7,674 |
8,329 |
10,397 |
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Cash and cash equivalents |
19,971 |
6,075 |
4,321 |
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Tax recoverable |
- |
809 |
464 |
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|
27,645 |
15,213 |
15,182 |
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Total assets |
214,638 |
189,379 |
194,085 |
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|
|
|
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Current liabilities |
|
|
|
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Loans and borrowings |
7,216 |
5,086 |
6,125 |
|
Trade and other payables |
19,458 |
17,918 |
18,741 |
|
Tax payable |
1,167 |
- |
- |
|
Deferred and contingent consideration payable |
2,125 |
8,856 |
6,868 |
|
Deferred income |
2,671 |
5,929 |
4,467 |
|
|
32,637 |
37,789 |
36,201 |
|
Non-current liabilities |
|
|
|
|
Loans and borrowings |
93,572 |
90,283 |
91,585 |
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Deferred tax liabilities |
12,957 |
12,194 |
12,710 |
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Derivative financial instruments |
6,487 |
6,724 |
6,175 |
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|
113,016 |
109,201 |
110,470 |
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Total liabilities |
145,653 |
146,990 |
146,671 |
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Net assets |
68,985 |
42,389 |
47,414 |
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Equity attributable to equity shareholders of the parent |
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|
|
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Share capital |
248 |
224 |
225 |
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Share premium |
53,581 |
38,825 |
38,852 |
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Merger reserve |
8,496 |
5,037 |
5,037 |
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Retained earnings |
6,660 |
(1,697) |
3,300 |
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Total equity |
68,985 |
42,389 |
47,414 |
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|
|
|
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Unaudited Consolidated Cash Flow Statement
for the 6 months ended 31 March 2010
|
|
6 months ended 31 March 2010 unaudited £000 |
6 months ended 31 March 2009 unaudited £000 |
Year ended 30 September 2009 audited £000 |
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|
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Cash flows from operating activities |
|
|
|
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Profit/(loss) before tax |
4,605 |
(821) |
6,809 |
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Financial income |
- |
(13) |
(15) |
|
Financial expenses |
3,542 |
8,448 |
11,582 |
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Adjustments for minimum future lease payment uplifts |
780 |
827 |
1,654 |
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Depreciation |
1,249 |
941 |
2,200 |
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Amortisation |
327 |
109 |
340 |
|
Share-based payments charge |
150 |
96 |
209 |
|
Interest received |
- |
13 |
15 |
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Operating cash flows before movement in working capital |
10,653 |
9,600 |
22,794 |
|
Decrease/(Increase) in trade and other receivables |
1,740 |
604 |
(2,332) |
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Decrease in trade and other payables |
(2,188) |
(260) |
(682) |
|
Cash inflows from operating activities |
10,205 |
9,944 |
19,780 |
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Tax received / (paid) |
421 |
(1,152) |
(2,198) |
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Net cash from operating activities |
10,626 |
8,792 |
17,582 |
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Cash flows from investing activities |
|
|
|
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Acquisition of subsidiaries, net of cash acquired |
(593) |
(5,852) |
(8,711) |
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Acquisition of property, plant and equipment |
(6,296) |
(2,432) |
(6,969) |
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Acquisition of intangible assets |
(1,742) |
- |
(1,128) |
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Acquisition of software |
(336) |
(26) |
(208) |
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Net cash used in investing activities |
(8,967) |
(8,310) |
(17,016) |
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Cash flows from financing activities |
|
|
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|
Proceeds from the issue of share capital (net of costs) |
14,642 |
283 |
311 |
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Proceeds from new loan (net of costs) |
4,042 |
7,170 |
10,747 |
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Interest paid |
(3,235) |
(2,480) |
(5,733) |
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Repayment of borrowings |
(1,200) |
- |
(1,200) |
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Payment of finance lease liabilities |
(258) |
(288) |
(578) |
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Dividends paid |
- |
(1,218) |
(1,918) |
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Net cash from financing activities |
13,991 |
3,467 |
1,629 |
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Net increase in cash and cash equivalents |
15,650 |
3,949 |
2,195 |
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Cash and cash equivalents at start of the period |
4,321 |
2,126 |
2,126 |
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Cash and cash equivalents at end of the period |
19,971 |
6,075 |
4,321 |
Net debt in the balance sheet comprises:
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31 March 2010 unaudited £000 |
31 March 2009 unaudited £000 |
30 September 2009 audited £000 |
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|
|
|
|
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Cash at bank and in hand |
19,971 |
6,075 |
4,321 |
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Bank loans |
(98,686) |
(93,422) |
(95,724) |
|
Finance lease and hire purchase contracts |
(2,102) |
(1,947) |
(1,986) |
|
Net debt at end of the period |
(80,817) |
(89,294) |
(93,389) |
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 2010. 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 2009.
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 2010 and should be read in conjunction with the Group's annual financial statements for the year ended 30 September 2009. Financial information for the year ended 30 September 2009 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 2010 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 17 June 2010.
2. Significant items
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|
Note |
6 months ended 31 March 2010 unaudited £000 |
6 months ended 31 March 2009 unaudited £000 |
Year ended 30 September 2009 audited £000 |
|
Adjustments for minimum future lease payment uplifts |
(i) |
780 |
827 |
1,654 |
|
Included in administrative expenses |
|
780 |
827 |
1,654 |
|
Charges relating to derivative financial instruments |
(ii) |
1,838 |
5,614 |
6,491 |
|
Included in financial expenses |
|
1,838 |
5,614 |
6,491 |
|
Significant items tax effect: Current tax |
(iii) |
(645) |
(231) |
(463) |
|
Deferred tax |
(iv) |
499 |
(975) |
(624) |
|
Included in taxation |
|
(146) |
(1,206) |
(1,087) |
|
Total significant items |
|
2,472 |
5,235 |
7,058 |
(i) Adjustments for operating leases under IAS17, which incorporates recognising the effect of minimum future lease payment uplifts on a straight-line basis.
(ii) Charges relating to 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.
(iii) Represents the current tax on items (i) and (ii).
(iv) A deferred tax credit of £88,000 (31 March 2009: £1,572,000 and 30 September 2009: £1,375,000) arises in respect of a charge relating to derivative financial instruments in (ii) above. In addition, the Group's deferred tax charge is impacted as IAS 12 does not permit discounting of deferred tax liabilities, this effect is £587,000 (31 March 2009: £597,000 and 30 September 2009: £751,000).
3. Financial Expenses
|
|
6 months ended 31 March 2010 unaudited £000 |
6 months ended 31 March 2009 unaudited £000 |
Year ended 30 September 2009 audited £000 |
|
On bank loans and overdrafts |
1,552 |
2,772 |
4,813 |
|
Finance charges in respect of finance leases |
152 |
62 |
278 |
|
Financial expenses before significant items |
1,704 |
2,834 |
5,091 |
|
Derivative financial instruments (note 2) |
1,838 |
5,614 |
6,491 |
|
Total financial expenses |
3,542 |
8,448 |
11,582 |
4. Taxation
|
|
6 months ended 31 March 2010 unaudited £000 |
6 months ended 31 March 2009 unaudited £000 |
Year ended 30 September 2009 audited £000 |
|
Current tax expense |
|
|
|
|
Current period before significant items |
1,817 |
1,248 |
3,095 |
|
Adjustments for prior years |
- |
- |
(224) |
|
|
1,817 |
1,248 |
2,871 |
|
Significant items (note 2) |
(645) |
(231) |
(463) |
|
Total current tax |
1,172 |
1,017 |
2,408 |
|
Deferred tax expense |
|
|
|
|
Current period before significant items |
(276) |
(72) |
232 |
|
Significant items (note 2) |
499 |
(975) |
(624) |
|
Total deferred tax |
223 |
(1,047) |
(392) |
|
Total tax expense |
|
|
|
|
Current period before significant items |
1,541 |
1,176 |
3,103 |
|
Significant items (note 2) |
(146) |
(1,206) |
(1,087) |
|
Total tax |
1,395 |
(30) |
2,016 |
|
Effective tax rate on adjusted profit before taxation (before amortisation and significant items) |
20.4% |
20.5% |
20.3% |
5. Earnings per share
|
|
6 months ended 31 March 2010 unaudited £000 |
6 months ended 31 March 2009 unaudited £000 |
Year ended 30 September 2009 audited £000 |
|
Profit/(loss) attributable to ordinary shareholders |
3,210 |
(791) |
4,793 |
|
Weighted number of shares in issue for basic earnings per share |
46,074,996 |
44,586,292 |
44,685,480 |
|
Weighted number of shares for diluted earnings per share |
46,324,129 |
44,815,552 |
44,908,970 |
|
|
|
|
|
|
Earnings/(loss) per share (pence per share) |
|
|
|
|
Basic |
6.97p |
(1.77p) |
10.73p |
|
Diluted |
6.93p |
(1.77p) |
10.67p |
6. Adjusted earnings per share
A measure of adjusted earnings and adjusted earnings per share has been presented in order to present the earnings of the Group after adjusting for significant items which are not considered to impact the trading performance of the Group.
|
|
Note |
6 months ended 31 March 2010 unaudited £000 |
6 months ended 31 March 2009 unaudited £000 |
Year ended 30 September 2009 audited £000 |
|
Profit/(loss) attributable to ordinary shareholders |
|
3,210 |
(791) |
4,793 |
|
Amortisation of intangible assets |
(i) |
327 |
109 |
340 |
|
Significant items (note 2) |
|
2,472 |
5,235 |
7,058 |
|
Adjusted profit attributable to ordinary shareholders |
|
6,009 |
4,553 |
12,191 |
|
|
|
|
|
|
|
Adjusted earnings per share (pence per share) |
|
|
|
|
|
Basic |
|
13.04p |
10.21p |
27.28p |
|
Diluted |
|
12.97p |
10.16p |
27.15p |
(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.
7. Share capital
On 8 October 2009, the Company issued 900,000 ordinary shares of 0.5p each to the vendors of Beacon in satisfaction of consideration due under the terms of the 2008 Beacon acquisition agreements.
On 15 March 2010, £15m before expenses was raised through the placing of 3,750,000 ordinary shares of 0.5p each in the Company at 400p per share.
8. Post balance sheet events
On 14 April 2010, the £107m bank facility was refinanced and extended to £165m on similar terms to our previous arrangements. An appropriate interest rate hedging structure has also been established coterminous with the facility renewal date in April 2013.
Subsequent to the period end, the Group has acquired the entire issued share capital of Greenfields Care Group Limited (28 May 2010), St Michael's Support and Care Limited (9 June 2010) and Outlook Fostering Services Limited (11 June 2010).
9. 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, 5th Floor, Metropolitan House, 3 Darkes Lane, Potters Bar, Hertfordshire EN6 1AG.
Related Shares:
CTH.L