Marginal drop for Shaw

Shaw Healthcare experienced a marginal drop in turnover from £85m to £84.6m for the year ended 31 March 2013. The previous year’s revenues included £874,000 of income from deferred assets. After administrative expenses of £12.7m (2012: £9.9m), including a £3m impairment on tangible assets in respect of freehold facilities in Wraxhall and Pembroke Dock, operating profits fell to £6.9m (2012: £9.6m). The care provider, however, made a £617,000 profit on the sale of Cherry Orchard care home in Clevedon, North Somerset, which was closed during the year. Together with net finance charges of £5.7m (2012: £6.0m) this led to the operator recording a pre-tax profit of £1.9m (2012: £3.7m). The directors reported that overall occupancy of market beds reduced to 87% from 88% the previous year. They added: The group experienced lower occupancy levels in the early part of 2013/14 and, while we hope to increase occupancy in the coming months, we anticipate that profit before exceptional items in 2013/14 will be lower than in 2012/13. We continue to look for low-risk, low-capital intensive business opportunities to supplement our existing operations.’