Spire on course to meet expectations after ‘pleasing’ start to 2019

Spire Healthcare’s shares inched up today after it said it was on track to meet full year expectations.

In a brief trading update issued ahead of its interim results announcement in June, the group said it was pleased with its performance in the first four months of 2019.

City analysts were encouraged by the announcement as its share price edged up 1% to close the day at 122.10. Numis reiterated its ‘Buy’ rating and cut its target price from 280p to 163p. Peel Hunt reiterated ‘Hold’.

Spire is forecasting EBITDA in the region of £121m on revenue of £953m for the full year 2019.

In a separate move, the group announced the appointment of Jenny Kay as an independent non-executive director. Kay, who will take up the post on 1 June, has also been appointed a member of the clinical governance and safety committee.

Commenting on her appointment, chairman Garry Watts said: ‘We are delighted that Jenny has agreed to join Spire’s Board, she will bring considerable clinical experience, with a particular focus on nursing, from her years as a front line registered nurse and subsequently in senior management and board roles across the NHS.  The appointment supports the Company’s commitment to quality in its hospitals and she will work closely with Dame Janet Husband in this area.’