9th Oct 2006 07:00
CareTech Holdings PLC09 October 2006 For immediate release 9 October 2006 CareTech Holdings PLC Trading update CareTech Holdings PLC, a leading provider of residential care services foradults with a learning disability issues the following update on trading. CareTech is pleased to announce that trading for the year ended 30 September2006 is in line with current market expectations which were revised upwards atthe time of the publication of our interim results in June 2006. The Company expects to announce its preliminary results for the year ended 30September 2006 on 4 December 2006. CareTech has made considerable progress during its first financial year as anAIM quoted company both through organic developments and through the acquisitionof Delam Care Limited and Lonsdale (Midlands) Limited which were announced on 3May 2006 and 30 May 2006 respectively. CareTech entered the 2006 financial year with a capacity of 423 beds with anoccupancy of 90%; capacity at the year end has been increased some 75% to 739beds with occupancy levels at around 91%. Management focus in the second half of the year has been on the continuingorganic development of the established portfolio together with the integrationof the two acquisitions into the CareTech operational model to deliver economiesof scale. Considerable progress has been made in both regards. Commenting on the outlook Farouq Sheikh Executive Chairman said: "CareTech has exceeded management expectations of capacity increases in the yearthrough additional organic development and acquisitions. Through carefulmanagement of the integration of Delam and Lonsdale the group is now well placedto deliver growth in future periods as evidenced by strong current run ratefigures." For further information: CareTech Holdings PLC 01707 652053Farouq Sheikh, Executive ChairmanDavid Spink, Finance Director Buchanan Communications 020 7466 5000Tim Anderson/Diane Stewart This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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