Domiciliary provider Grosvenor Health and Social Care is looking at potential growth opportunities, including acquisitions and diversification into different areas of social care.
With financial pressures on government funding and rising staff costs, the group said it has been ‘reviewing all existing local authority contracts’ making sure of their long-term sustainability.
Its financial report for the year ended 31 August 2018 said: ‘Any potential growth opportunities are always reviewed with their long-term sustainability in mind. Any existing contracts deemed unsustainable in the long term have been terminated.’
The group, which has brands Balmoral Health and Social Care, Care Cymru, Mayfair Homecare, Sevacare and Synergy Homecare in its portfolio, posted a 3% decrease in turnover to £68.6m (2017: £70.8m), while losses before tax fell to £259,266, from £716,553.
Of the total revenue, £61.4m was from local authority, while £7.2m was from private pay, with £2m classed as sundry income.
It said the period was ‘another year of consolidation for the group’, due the challenges in the sector, including retention of employees, the ability to recruit as well as sustainability of council contracts.
Ongoing uncertainty surrounding Brexit meant there was a lack of clarity and understanding on supplies the UK receives from the EU, such as food and medicine.
The number of weekly hours of care delivered as at 31 August 2018 was 88,349.
Grosvenor also reported a drop in revenue last year.