Turnover leaps at Porthaven

Care home operator Porthaven Group experienced a 217% spike in turnover for the year ended 31 March 2013, with revenues growing from £2.3m to £7.3m. However, due to £8.3m in operating expenses, however, the operator, which is still in start-up mode, recorded an operating loss of £1m (2012: £1.4m). Interest payments including £2.8m on loan notes (2012: £1m) led to Porthaven posting a pre-tax loss of £5.7m (2012: loss £3.2m). Following investment from Phoenix Capital Partners in 2011, Porthaven acquired three care homes during the report period and opened a fourth in February 2013. The directors reported that occupancy levels and average weekly fee levels improved steadily throughout the financial year and it is expected that they will continue to improve next year as the homes reach maturity’.

You must be a CM Subscriber to view this content.

Subscribe Now »