Nester results – profit growth and a focus on acquisitions

Posted on April 1st, by editor in Caring Times. No Comments

Nester chairman John Rennocks said “2006 was a transformative year” when announcing the year end results for the stock exchange listed healthcare business in March. The year of change led to growing profitability and a rising share price. The vision for the future was one of growth and in particular, a return to the acquisition trail in the homecare/social care sector. *Financials* The fundamental event for the business in 2006 was the demerger of its healthcare staffing business (see below) which is now operating as a separate entity on the AIM market under the name Pinnacle Staffing Group. In terms of its core remaining business, social care and primary care, despite a year on year reduction of 16.1 per cent in turnover (£205.7m in 2005 as compared to £172.6m for the year ending 31st December 2006) Nestor was able to post a 16.95 per cent increase in profit before tax. The company also reported a loss of £20.5m in respect of the demerger of the staffing business and this includes both the goodwill wr

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