CareTech provides positive full-year update
CareTech has provided a positive trading update for the full year ending September 30th, stating that "trading for the full year will be in line with its expectations".
CareTech has provided a positive trading update for the full year ending September 30th, stating that "trading for the full year will be in line with its expectations".
Consensus estimates for the year ended September 30th are for pre-tax profits of £16.74m on turnover of £116.56m.
Earlier this year the care homes company, with a market cap of approximately £91.2m, successfully refinanced £160m of debt that was due to mature next year. The new facility expires in January 2017 and the average interest rate for the new facility is fixed at 4.5%.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Net debt at the period end was £131.2m (September 30th 2011: £127.3m).
It stated that during the financial year capacity at its homes increased by 110 places to 2,166. Occupancy levels in the mature estate were maintained at 92% and the blended occupancy remains around 86%.
Farouq Sheikh, Executive Chairman commented: "The group has had a strong trading performance and successful refinancing. It is encouraging to see such a high level of commitment from both our existing club of banks and a new club member. This is a testament to the strength of our business and I thank the banks for their support. Recent corporate activity is an indication of increased confidence in the fundamental dynamics of the sector, and in particular the funding environment. I am pleased to see that the new schemes have all opened and in the new financial year look forward to our teams engaging further with commissioners to replicate these successes in other areas."
CareTech plans to announce its preliminary results for the year ended September 30th 2012 on December 6th 2012.
CM
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Michelin Key Hotels 2025: the top destinations in the world
The Michelin Keys have been awarded to spectacular hotels across the world. From Marlon Brando's private resort in Polynesia to a Bvlgari hotel in Tokyo, we look at some of the most extraordinary stays in 2025
-
MoneyWeek news quiz: How much could you get in car finance compensation?
The car finance scandal, inheritance tax, and house prices all made headlines over the past few days. Test your knowledge while reviewing this week’s top stories with MoneyWeek’s news quiz