Revenues rise but profits down at MMCG

Maria Mallaband Care Group (MMCG) enjoyed a 17.8% rise in turnover for the year ended 30 April 2014 from £53.3m to £62.8m. Cost of sales, however, rose too from £29.8m to £36.7m, leaving the care home operator with a gross profit of £26.1m (2013: £23.7m). After deducting depreciation and amortisation of £2.2m (2013: £1.9m), £6.9m for rent (2013: £6.1m), exceptional administrative expenses of £439,000 (2013: nil) and other undisclosed administrative expenses of £12m (£10.4m), the group made an operating profit of £4.6m, down on 2013’s £5.3m.