Caretech sees emerging opportunities for growth
By SUHAIL MIRZA, suhail email@example.com
On July 27, Farouq Sheikh, executive chairman of Caretech, announced the acquisition of One Step, a provider of specialist support and accommodation services to adults who do not require full time residential care, for £11m, the fourth acquisition by the company since its float on the Alternative Investment Market (AIM) in October 2005.
The same day saw the payment to shareholders of the company’s first interim dividend, announced in June when Caretech presented its interim results to the City. The company has grown spectacularly and has a market capitalisation of more than £220million and the provider of specialist residential care services to people with learning disabilities now operates 138 residential care homes and five day centres. Following the acquisition of One Step it is now supporting more than 1000 service users. Caretech’s interim results contained some truly spectacular financial figures:
- Revenue jumped 86% to £24.8m
- EBITDA soared 158% to £