CareTech reports a profitable year
AIM-listed specialist care provider CareTech Holdings has reported a 69% increase in pre-tax profit in its preliminary results for the year ended 30 September 2008. Revenue increased by 27% to £67.7m from the previous year.
Two acquisitions completed during the year representing 182 beds, together with 97 beds added as part of organic growth. Overall resident capacity increased by 279 to 1,308 and occupancy levels at the year end was 90%.
CareTech executive chairman Farouq Sheikh said his company had enjoyed another successful year, maintaining its track record of delivering strong growth through a combination of organic growth developments and acquisitions.
‘It is pleasing to report that both the Beacon Care and Valeo acquisitions have performed well, widening our geographic cover, improving operating margins and expanding the range of services we offer to our customers,’ said Mr Sheikh. ‘A great deal has been achieved in the year; we have strengthened our balance sheet through a successful