Huge pre-tax losses at Spire but revenue up

Spire, the UK’s largest hospital provider, in its annual report for the year ended 31 December 2012 showed revenue up 9.6% to £739.0m from £674.0m in 2011. Operating expenses were £534.6m. Exceptional items of £11.9m for corporate restructuring, refinancing and regulatory costs, £6.0m for PIP patient recalls, £2.6m for reorganisation and set up costs, £2.7m for rent and £51.5m depreciation left an operating profit of £129.7m (2011: £134.1m). EBITDAR (pre-exceptional items) was £204.0m, being 28% of revenue, making Spire best in class’ for its KPI (2011: £188.2m).