Aquisition boosts Care South turnover

Not-for-profit care home operator Care South reported revenues of £36.7m for the year ended 31 March 2012, an increase of 10.5% on the previous year’s £33.2m. The rise in incoming resources is due to the inclusion of a full year’s trading of its subsidiary Two Rivers Investments Limited, which Care South acquired shortly before the end of the previous report period. Thanks to the extra income from Two Rivers’ nursing homes, the provision of services to extra care accommodation, and continuing cost controls, Care South reported a surplus before other recognised gains and exceptional items of £3.3m (2011: £2.4m). After taking into account recognised gains and losses, the company reported a surplus of £1.5m, a drop from the previous year’s £6.2m. The drop was attributed to costs arising from an increase in the pension scheme deficit of £1.8m (2011: decrease of £3.4m). The directors reported that: Group reserves remain strong and it is the board’s intention to continue to acquire and/or replace homes as well as continuing its programme of refurbishment in the homes, and to move towards the target set in the reserves policy.’