CM Company News

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.

There was mixed fortunes for two of Life Style Care’s operating companies their results for the year ended 31 March 2014.

Turnover at Life Style Care plc rose marginally from £19.8m to £19.9m for the year ended 31 March 2016. Subtracting cost of sales of...

Homecare provider Sevacare (UK) Ltd has reported another year of strong growth with turnover up 43% to £7.4m (2009: £3m) and bottom line profits exceeding the £1m mark for the first time.

Domiciliary care provider Sevacare landed several new contracts at the beginning of this year.

After months of wrangling with its bondholders over its sale (CCMn June 2014), NHP is to be acquired by US investment firm Formation Capital in partnership with global investor Safanad, Court Cavendish and the management team of HC-One. The deal, which is expected to be completed later this month, will see the ownership of NHP’s 273 freehold care homes, including the HC-One estate of 235 facilities, acquired for £477m.