Italy’s Garofalo Health Care’s (GHC) first results since its IPO at the end of last year, have been received well by the market.
The group reported a 16% jump in adjusted operating EBITDA (neutralising the IPO costs) of €29.1 million (US$33.1 million) on revenues up 13.4% to €154.9 million.
“The significantly improving 2018 results are particularly satisfying and indicate the group’s capacity to deliver best-in-class operating and financial performances,” said chief executive officer Maria Laura Garofalo.
The group had a cash position of €92.3 million at the end of the year which Garofalo said facilitates the rolling out of the group’s acquisition-led growth. So far this year GHC has already bought the Poliambulatorio Dalla Rosa Prati in Parma and a minority stake in Casa di Cura Prof. Nobili.
GHC operates 19 facilities across six regions in Northern and Central Italy.
Garofalo Health Care IPOed on the Milan bourse in November last year at €3.34 per share, the low end of guidance. The deal was managed by Credit Suisse and Equita SIM. After the release of the results, Garofalo shares traded up 2.4% to €4.18.