Sharp drop in turnover at Balhousie

Balhousie Holdings Limited reported a 21.5% drop in revenues from £37.6m to £29.5m for the year ended 30 September 2014. After deducting cost of sales of £19.4m (2013: £23m) and administrative expenses of £8.7m (2013: £9.3m), the care home operator made an operating profit of £1.4m (2013: £5.2m). Interest charges of £2.7m (2013: £4.7m) led to pre-tax loss of £1.3m compared to £0.9m the previous year. The directors said: The results of the group were achieved in difficult market conditions but were impacted by the growth in occupancy at three new purpose-built homes completed in 2013. The group operated 24 care homes during the year, which included the contribution of the three new purpose-built homes for the full period. Average occupancy increased by 8% in the year, mainly due to increased occupancy in the new homes.’