Acquisitions boost Carewatch revenues

Lyceum Capital-backed homecare provider Carewatch Holdings Limited increased its turnover from its company-owned branches and franchise fees from £51.5m to £54.8m for the year ended 31 December 2013. The rise in revenues was due to its acquisition of two of its franchise businesses, which contributed £3.8m to the total figure. Cost of sales of £33.2m (2012: £30.9m) and administrative expenses of £24.8m (2012: £23.3m) left Carewatch with an operating loss of £3.1m (2012: loss £2.7m), which would have stood at £3.6m if not for the £483,000 profit made by its acquisitions. After interest and other similar charges of £5.3m were deducted (2012: £6.1m), Carewatch made a pre-tax loss of £8.4m (2012: loss £8.8m).