CM Company News

High interest payments following a solid performance for the year ending 30 September 2012 wiped out the profits for Bowmark-owned Healthcare Homes Holdings, which provides residential, nursing and dementia care.

Chairman and interim chief executive of Four Seasons Health Care Ian Smith has called on councils to work with the government regulator to ensure that appropriate fees are paid in order to meet national standards.

Helen McArdle Care reported an increase in turnover from £22.4m to £24.6m for the year ended 31 March 2014. After cost of sales of £13.3m (2013: £12.4m) and administrative expenses of £9.3m (2013: £8.9m) were taken into account, an operating profit of £2m (2013: £1.2m) was achieved.

Bupa UK achieved revenues of £2,711.2m for the year ended 31 December 2014, compared to £2,573.5m the previous year. The provident association reported an underlying profit for its UK operations, which includes its 280 care homes, of £175m (2013: £139.5m) in its preliminary results.

The parent company of Care Management Group, CMG HoldCo reported a turnover of £52.9m in its first full year results for the year ended 28 February 2015. Cost of sales stood at £29.8m and administrative expenses were £15.8m, leaving an operating profit of £7.2m. Interest charges of £4.6m, largely from on term loans, left CMG with a pre-tax profit of £2.6m.

Local authority trading company (LATC) Essex Cares, which operates under the ECL brand, moved further into the red in the year ended 31 March...

The Scottish Association for Mental Health (SAMH) has secured a £1.4m contract to deliver a GP ‘link worker’ service in Aberdeen over the next...

Craegmoor Group, recently acquired by Priory, has released its financial results for the year ended 31 December 2010.

Mears Group experienced solid trading’ for the year from July 2012 to date, it said in its interim report to the London stockmarket.

Children’s care and education provider Acorn Care 1 reported significant losses for the year ending 31 August 2012. Despite increasing turnover from £76.3m to £110.6m, the business saw its operating losses soar from £10.7m in 2011 to £15.7m last year. And, after net interest expenses of £27.2 million, the company posted a whopping loss before tax of £43m (2011: loss of £34m). But thankfully things are not as bad as they appear at first sight because of the very large non-cash items which contribute to the loss, £16m of interest expenses is carried interest on loan notes, which does not have to be paid to the private equity parent (Ontario Teachers Pension Plan Board) until the whole of the loan (in effect, disguised equity) is discharged, and a further £2.5m of preference share dividends does not have to be paid either. Biggest of all, there is an amortisation and depreciation charge of £36.1m (2011: £28.7m) bundled up under the Administrative Expenses’, nearly all of which is amortisatiion of acquired goodwill. Writing these and other items back brings EBITDA up to +£21.3m (2011: £18.1m), or 19.3% of revenue. Though below the best in class amongst special education and children’s service providers, it is a healthy enough level of underlying profitability.