Acorn slides further into the red

Revenues rose by 1.7% for Acorn Care 1 Ltd but the specialist care and education business slid further into the red, its accounts for the year ended 31 August 2014 show. Revenues stood at £111.1m compared to £108.2m the previous year. Cost of sales came in at £67.8m (2013: £67.1m) but undisclosed administrative expenses rose to £58.3m (2013: £54.6m), leaving an operating loss of £15.1m (2013: loss £13.6m). Following interest charges of £30.4m (2013: £29,1m), the lion’s share of which was from loans, Acorn made a pre-tax loss of £45.5m (2013: loss £42.7m).