Paragon reports 50% increase in earnings
Specialist care provider Paragon Healthcare Group has posted impressive year-end accounts to 31 March 2007, showing earnings up 50% before interest, tax, depreciation and amortisation (EBITDA).
EBITDA in the financial year 06/07 reached £24m, compared with £16m in the previous 12 months. The increase is attributable in full to organic growth – Paragon Healthcare Group made no acquisitions in 2006, focusing on working with local authorities to develop new, high quality services tailored to local needs.
Chief executive Douglas Quinn said Paragon had invested substantially in new services over the last three years and this high level of capital investment was now paying off.
Capital expenditure on new developments has averaged £16.7m per year over the last five years, taking capacity at the end of March 2007 to 1,725 places (a 3.6 per cent increase from the same point in 2006) across 254 units with an average of six to seven places per unit.
Paragon expects to commission mo