Priory Group No 1 maiden accounts

Priory Group No 1 Ltd, which consolidates the Priory Group’s mental health, specialist care and specialist education services business, has published its first statutory accounts under Advent’s ownership for the year ended 31 December 2011. Revenue was £360m. Operating costs of £308m led to an operating profit of £52m. Finance costs of £72m led to a loss before tax of £21m. Priory No 1 acquired the former Priory holding company, Priory Investment Holdings Ltd on 4 March 2011 and Craegmoor Healthcare on 14 April 2011, meaning that the accounts cover a period of between nine and 10 months. An exceptional item for the period was £11m for reorganisation and rationalisation costs after the group’s acquisitions most of this being redundancy costs in order to deliver synergies’ the directors say.