CM Company News

Broadreach House, the charitable provider of treatment services and support for people suffering from drug and/or alcohol addiction, has reported another fall in income for the year ended 31 May 2013.

PrimeLife Care has entered into a sale and leaseback agreement with investment advisory firm 90 North for ten of its care homes in a deal worth £40m.

MITIE€™s homecare division is performing above the sector average according to its half-yearly results.

Voyage Care, provider of support for people with learning disabilities, has acquired Warwickshire-based specialist care operator Ingelby Care for an undisclosed sum.

Sales remained static for Signature Senior Lifestyle Limited for the year ended 31 December 2012 despite a change in fortune for two of its operational divisions. Turnover stood at £13.92m, a marginal decline on the previous year’s £13.96m. Revenues from the development of its senior living communities dropped to £1.8m (2011: £5.5m) but rose to £11.3m (2011: £8.1m) from operating these facilities. Furthermore, during the report period Signature doubled the turnover from its investment management fees operation to £800,000.

High end care home operator Willowbrook Healthcare, which was recently snapped up by Health Care REIT from Graphite Capital (CCMn August/September 2013), reported an impressive 75% rise in revenues for the year ended 31 March 2013. Turnover stood at £20.3m, compared to £11.6m the previous year.

Sovereign Capital backed Eden Supported Living announced last month that it has combined its business with homecare provider Essential Futures.

The ExtraCare Charitable Trust reported an increase in turnover and surplus for they year ending 31 March 2013. The market leading extra care provider, which specialises in large, mixed tenure developments, recorded a 4% increase in turnover to £58.4m (2012: £56.4). Meanwhile operating costs increased at the slower rate of 0.8% to £55.9 (2012: £55.5m) leading to an increased operating surplus of £2.5m (2012: £846,000). Following interest payable and receivable and surplus on sale of fixed assets the trust reported a surplus for the year of £1.5m (2012 £556,000). Despite very difficult economic conditions’ ExtraCare is planning several other development opportunities are being evaluated for a start in 2014. Funding with Lloyds Banking Group for £120m is in place which will support our plans over the next three to five years’.

Ahead of its sale and leaseback deal with Griffin-American Healthcare REIT (CCMn July 2013), Caring Homes Healthcare Group Limited reported a rise in revenues from £142.2m to £144.4m for the year ended 31 March 2013. Following operating expenses of £36.5m (2012: £38.0m) the provider, previously known as Myriad Healthcare Limited, reported an operating profit (EBITDA) of £29.0m (2012: £25.7m). After charging amortisation, depreciation and exceptionals, profit before interest and tax (PBIT) came in at £16.0m (2012: 17.1m). A reduction in its interest changes to £21.5m (2012: £27.2m) gave Caring Homes a pre-tax loss of £5.5m (2012: loss of £10.4m) on its portfolio of 132 elderly and specialist care homes. Chief executive Paul Jeffrey said the turnover reflected an average occupancy rate of 87%, the same as in 2012, and a weekly fee of £937 (2012: £925) per person. He added that the group’s key measure of operating performance (earnings before interest, tax, depreciation, rental and management charge), representing the fee income less operating costs, led to a margin of 32.5% (2012: 31.4%).

Avante Partnership has launched a £5m charity bond to fund the development of a 75-bed dementia care home on the Isle of Sheppey.