Revenue rise for Caring Homes

Ahead of its sale and leaseback deal with Griffin-American Healthcare REIT (CCMn July 2013), Caring Homes Healthcare Group Limited reported a rise in revenues from £142.2m to £144.4m for the year ended 31 March 2013. Following operating expenses of £36.5m (2012: £38.0m) the provider, previously known as Myriad Healthcare Limited, reported an operating profit (EBITDA) of £29.0m (2012: £25.7m). After charging amortisation, depreciation and exceptionals, profit before interest and tax (PBIT) came in at £16.0m (2012: 17.1m). A reduction in its interest changes to £21.5m (2012: £27.2m) gave Caring Homes a pre-tax loss of £5.5m (2012: loss of £10.4m) on its portfolio of 132 elderly and specialist care homes. Chief executive Paul Jeffrey said the turnover reflected an average occupancy rate of 87%, the same as in 2012, and a weekly fee of £937 (2012: £925) per person. He added that the group’s key measure of operating performance (earnings before interest, tax, depreciation, rental and management charge), representing the fee income less operating costs, led to a margin of 32.5% (2012: 31.4%).