Care Markets

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.

Community Care Market News (News) November 2000 Age Concern has published a guide for care assistants working in nursing and residential care....

After carrying out 40 unannounced inspections of hospitals and care homes looking after people with learning disabilities in a post-Winterbourne blitz’, the government regulator has concluded that service users are often not at the centre of their own care.

Mental health charity Mind warned last month that the £75,000 care fee cap (see this issue Lead) announced last month may not help younger people with long term care needs.

Community Care Market News (News) April 2000 The development of a national framework to prevent the abuse of vulnerable adults, including physical,...

Community Care Market News (News) April 2004 The Equal Opportunities Commission (EOC) has warned the government not to ignore the views of...

Community Care Market News (News) November 2000 Statistics on the registration and inspection (R&I) activity of local authority and health authority inspection...