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%.
Subscribe to 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
-
Average earners now face £200,000 inheritance tax bill - how much will your estate owe?‘Double whammy’ of inheritance tax changes means even the estates of those earning the average UK wage could face bills, not just the very wealthy
-
Are the wealthy dodging more tax than previously thought?A new report suggests tax non-compliance among the wealthy could be worse than previously imagined. Is an overly complex system partly to blame?
