NHP in better health


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

NHP, the UK¹s largest landlord of care homes, ended the year to September 30, 2000 in better shape than it started it. Borrowing fell £42m to £111m and the chairman, Sir Martin Laing, said there would be a further fall within the next few weeks. Gross profit was up to £70.1m (£49m in 1999) but a raft of exceptional costs resulted in a loss of £13.7m (profit of £18m in 1999). The exceptional costs included £9.1m bad debt provision; £14m for the Ultima Holdings Ltd guarantee; £1.5m for Advantage Healthcare¹s receivership costs; £0.3m for Westwood Care¹s receivership costs; £0.9m for the aborted investigation of the Spanish care homes market; £0.8m for Highfield Group¹s costs; £0.5m for the cost of abortive property acquisitions. GVA Grimley valued the property portfolio of 378 homes (at September 30) 18% lower at £586m. NHP directors say most of this fall was temporary but accepted £9.3m as a permanent fall in value which was written off in the profit & loss account. NHP has been unable to ag





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