CareTech underlines strong long term cash flow in trading update
AIM-listed CareTech, a specialist provider of care and support for people with learning difficulties has issued a trading update, ahead of the publication of its interim results for the six months ended 31 March 2009 on 18 June 2009.
With the benefit of secure, asset backed long-term income and highly visible earnings; CareTech reports:
- Trading for the first half of the financial year was in line with expectations and reflects continuing progress from both organic development and acquisition growth during 2008.
- Strengthened management and an efficient organisational model based on two effective regions have led to the successful integration of the company’s two major acquisitions – Beacon Care and Valeo – that are delivering results in line with directors’ expectations.
- Occupancy in established services continues to run at 94% in line with previous years.
- During the first half of the year CareTech increased capacity by a further 72 beds.
- 47 beds were added through organic initia