Revenue up 4.5 per cent at CareTech

Revenue rose 4.5 per cent to 114.1m pounds in the year ending September 30th 2012 at CareTech, boosted by underlying pre-tax profit, which climbed 5.0 per cent to 16.7m pounds.

Overall capacity at its facilities increase by 110 places to 2,166, while its property portfolio was independently valued at £225m. The group also completed bank refinancing to 2017.

The AIM-listed group provides care and support to children, young people and adults with learning disabilities, mental health problems and complex needs.

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Commenting on the outlook, Farouq Sheikh, Executive Chairman at CareTech, said: "We anticipate a positive movement away from residential care for people who can thrive in supported living but an increased range of specialist residential services developing in the longer term. New types of provision are required and CareTech is at the forefront of this process with creative solutions to emerging demand."

"We also see opportunities, within our expertise for considerable "capital light" growth of new types of community care, focussing on specialised domiciliary approaches, home care, hospital early discharge programmes and the provision of aids and adaptations."

"The executive team is persuaded that certain core functions of health and social care commissioning will be subject to outsourcing in the next few years and we are positioning ourselves as leaders in certain aspects of this new market," he added.

MF