Prestige Nursing on acquisition trail

Prestige Nursing, the nursing and care agency has maintained positive organic turnover and profit growth. Despite conceding to challenging trading conditions the directors’ financial statements for the year ended 31 December 2011 show turnover up 2% and gross profit up 3% on 2010. This was a like for like basis however the total picture reflects two acquisitions made in 2011, one being North London’s Independent Homecare Services. Taking these into consideration, turnover was up 4% to £21m (2010: £20.1m) and gross profit up 5% to £5.2m. Administrative expenses of £4.9m relating to the acquisitions which were largely due to amortisation and legal fees, meant profit before tax was down to £303,000 (2010: £453,000).

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