Business

Primary care services provider The Practice plc recorded massive revenue growth for the fifteen month period to 31 March 2011 but went further into the red because of acquisition turnaround costs. Turnover more than trebled from £8.22m to £25.9m. Losses on ordinary activities before tax were £3m compared with losses of £748,214 in the 12 months to 31 December 2009.

GI Partners is reported to be set to sell Cambian Group, which specialises in mental health, learning disability and education services. A source told Health Investor that Rothschild had been enlisted to manage the sale of the business whilst other sources confirmed that the business was up for sale.

HWH Group Ltd, the out of hours (OOH) care business has reported continued double digit growth but also records a disappointing’ loss. Revenue grew to £90m in the year ended 31 March 2011, up 58% from £57m in 2010. The group forecasts that revenue for the year ended 31 March 2012 will exceed £100m.

Impellam, global staffing solutions firm, reported a positive year in its results for the 52 weeks ending December 31 2011 with EBITDA increasing 13.9% to £47.5m (£41.7m in 2010) and operating profit increasing by 13.4% or £8m on 2010 results to £34.8m.

Independent sector treatment centre (ISTC) provider UK Specialist Hospitals (UKSH) posted a large increase in turnover to £62.7m from £32.9m in 2010 and turned around a pre-tax loss of £1.2m for 2010 into a £5.6m profit before tax for the year ended 31 March 2011. The loss in 2010 had reflected primarily non recurring pre-opening expenditure incurred mobilising three new treatment centres’ in Bristol, Devizes and Cirencester. Cost of sales rose sharply from £26.5m to £43.5m and gross profit rose significantly from £6m to £19.1m. Debt due within one year stood at £17.1m (2010: £14.1m) and long term debt stood at £11.1m (2010: £18.8m). Net liabilities at year end were £761,368 (2010: £5.4m) and the group had £11.2m cash in hand.

Mental health hospital provider Mild Professional Homes, trading as St Luke’s Healthcare, has fallen into administration unexpectedly. Joint administrators from Grant Thornton have been appointed. They will run the company as normal while a new owner is sought.

Maiden accounts from operator of GP practices Malling Health Limited saw the group record turnover of £12.1m and a loss before tax of £72,452 in the year to 31 March 2011. The directors saw 2010/11 as a year in which the focus was on consolidation of its existing position and it considers the financial loss small in the light of the existing financial and healthcare economic position’.

RJD Partners (RJD) has realised its investment in women’s mental health services provider Raphael Healthcare, through a refinancing funded by new debt facilities provided by the Bank of Ireland in combination with funds from the management team and the company’s cash reserves.

Assura, the primary healthcare property company has reported increased revenue and annualised rents for the third quarter to 31 December 2011. Group revenues increased 37% to £25.3m from continuing operations for the nine months to 31 December 2011, compared to £18.5m in the same period last year.

The complexity of the state subsidy system for retirement housing is making it difficult for older people to access funds. A new study for the...