CM Company News

Care UK Health and Social Care holdings reported a loss before taxation of £62.9m for the year ending 30 September 2012 – further to the £75.9m lost in 2011. Revenues remained a healthy £487.5m (2011: £445.7m). Cost of sales and administrative expenses were £412.6m and £64.4m respectively (2011: £375.9m: £76.9m) leaving an operating profit before financing expenses of £10.5m (2011: £7.1m). Following financial expenses of of £73.4m, including interest payable on senior secured notes, revolving credit facility, 2018 loan notes, and 16% cumulative preference shares, the business made a pre-tax loss of £62.9m (2011: £75.9m).

Not-for-profit specialist care provider Dimensions (UK) Limited achieved a group turnover of £122.7m for the year ended 31 March 2016, compared to restated revenues...

B&M Care Group Limited experienced a 5.1% rise in turnover from £31.5m to £33.1m for the year ended 30 September 2014.

Care UK Health and Social Care Holdings reported a 9.4% increase in group turnover to £487.5m for the year ending 30 September 2012 (2011: £445.7m). Most of this growth was attributable to the residential division following the addition of 1,850 beds from the failed Southern Cross portfolio at the end of 2011. Adjusted group EBITDA (operating profit plus depreciation), which is one of Care UK’s preferred KPIs, increased by 8.6% to £49.3m (2011: £45.4m). After charging depreciation (£17.4m ), amortisation (£17.2m) and non-recurring items (£4.2m), operating profit was a narrowish £10.5m for the year (2011: loss of ££7.1m). And net financing expenses of £73.4m (2011: £68.8m) pushed the private equity owned company (backed by Bridgestone) well into the red again with a £62.9m pre-tax loss (2011: £75.9m). However, a tax credit of £9.7m brought the loss after tax down to £53.2m with the 2011 sum reduced to £64.4m following a tax credit of £11.5m.

Cambian has listed of the London Stock Exchange, merging its specialist care and childcare businesses in the process. Owners GI Partners priced its initial public offering (IPO) and began conditional dealings on Friday. Unconditional dealings are expected to start on 16 April.

Specialist care operator Community Integrated Care (CIC) reported a 6% increase in incoming resources from £94.2m to £99.8m for the year ended 31 March 2014. After deducting the £100.4m cost of running its services (2013: £96m), CIC made an operating loss of £0.7m (2013: loss £1.9m).

Ratings service Moody’s has downgraded both Care UK’s corporate family rating and probability of default rating from B3 to to Caa1 and B3- PD to Caa1-PD respectively. It has also downgraded the rating of its Senior Secured Floating Rate Notes from B3 to Caa1 and its Senior Subordinated Second Lien Notes to from Caa2 to Caa3. Moody’s, however, said the outlook for the care home operator was stable.

MITIE’s homecare business Mi Homecare has been awarded two contracts which it says will be worth more than £5m over a five-year period. The contracts with the Royal Borough of Kensington and Chelsea and the London Borough of Hammersmith and Fulham both have an option to extend for a further two years and will be paying the London Living Wage of £9.15 per hour.

Bupa’s UK operation reported revenues of £2,528.8m in its preliminary results for the year ended 31 December 2012. This represents a marginal rise from £2,506.2m the previous year on its care, hospital and insurance operations. A pre-tax profit of £109.7m was recorded, a drop of 22% on 2011’s figure of £140.9m.

Turnover within Saga’s healthcare division fell by 10% in the six months ending 31 July 2014.