27th Jun 2013 13:41
NMC Health Plc -Approval to open Mussafah Day Patient Centre and 2013 Half-Year pre-close statement
London, 27 June 2013: NMC Health Plc ("NMC") (LSE:NMC), the leading independent healthcare provider operating across the United Arab Emirates today announces that it has received the final Regulatory approval required to open its new Mussafah Day Patient Centre and provides a trading update for the period from 31 December 2012 to 26 June 2013.
Trading Update
NMC expects to report results for the six months ended 30 June 2013 in line with expectations. The Group's net debt position and cash balance as at 30 June 2013 is expected to be in line with management expectations, with good operational cash generation during the period and capital expenditure as budgeted.
Mussafah Day Patient Centre
NMC is pleased to announce that it has now received the final Regulatory approval that is required to open its new Mussafah Day Patient Centre. This is the first of the Group's four capital projects, announced as part of its IPO in April 2012, to open and approval clearance ensures that the Group is cleared to receive outpatients at this new facility in July 2013.
The Mussafah Day Patient Centre is in a growing, highly populated residential and industrial suburb of Abu Dhabi. As a newly developed area of the city, Mussafah is currently underserved in relation to medical facilities. The new facility is connected to a new shopping mall and, in addition to catering to the growing local population for both outpatient consultancy services and minor surgical procedures, the facility will act as a referral point to our existing Specialty Hospital in central Abu Dhabi, some 35kms from Mussafah.
The development of the Group's three other Capital Projects is progressing and a more detailed update on these will be included in the announcement of the Company's 2013 half-year results on 20 August 2013.
Management appointment
NMC is pleased to announce the appointment of Mr Roy Cherry as Head of Strategy and Investor Relations. Roy will be working closely with the CEO and the Executive Vice Chairman on NMC's strategy. He will also be leading the investor relations efforts at NMC. He has almost 10 years of experience in financial advisory and knows NMC well having worked at Shuaa Capital as part of the advisory team on the IPO. He joins NMC from Saudi Fransi Capital in Riyadh, where he was the Head of Research & Advisory Department. Previously, Roy headed the Equity Research Department at SHUAA Capital in Dubai. He is also a former Senior Consultant in Transaction Services at PricewaterhouseCoopers in Abu Dhabi where he advised on M&A transactions with a combined transaction value exceeding USD 10bn across a variety of sectors including healthcare.
Annual General Meeting
NMC is today holding its Annual General Meeting commencing at 3pm. The result of voting on the resolutions being considered at the Annual General Meeting will be announced following that meeting.
Dr B.R.Shetty, Chief Executive Officer, commented:
"The Management team and the Board are pleased with performance during the first half of 2013 which continues as expected.
I am delighted that we have now received all the regulatory clearances required to open our new Mussafah Day Patient Centre. This is the opening of our first development since IPO and we look forward to serving the residents in and around the suburb of Mussafah. "
Interim results for the six months ended 30 June 2013 will be issued on 20 August 2013. NMC will host an analyst/investor webcast on that day. Further details will be announced in due course.
Contacts
Investors:
Prasanth Manghat, Chief Financial Officer
Tel: +971 50 522 5648
Roy Cherry, Head of Strategy and Investor Relations
Tel: +971 50 667 0184
Media:
Brunswick London
Justine McIlroy/Azadeh Varzi
+44 20 7404 5959
Brunswick Gulf
Steve Martin Wajih Halawa
+971 5 6696 9232 +971 5 0100 9207
About NMC
NMC Health plc group is the leading integrated healthcare provider with operations in the United Arab Emirates. NMC Healthcare commenced operations in 1975 and has grown over that period to become the only private sector healthcare provider with a broad UAE presence. The Healthcare Division currently operates or manages five hospitals, one day-care patient centre, one medical centre and eight pharmacies. The group also operates a significant Distribution business supplying product lines to UAE customers across the Pharmaceutical, FMCG, Food, Scientific and Medical and Educational and Veterinary sectors.
In April 2012 NMC Health plc was listed on the Premium Segment of the London Stock Exchange. At the time of its IPO, the group raised funds to enable it to pursue a further growth plan with a number of capital projects for new healthcare facilities in Abu Dhabi and Dubai. NMC Health plc is a constituent of the FTSE250 Index.
Related Shares:
NMC.L