NHP in better health


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

NHP, the UK’s largest landlord of care homes, ended the year to September 30th 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 Healthcare’s receivership costs; £0.3m for Westwood Care’s receivership costs; £0.9m for the aborted investigation of the Spanish care homes market; £0.8m for Highfield Group’s costs; £0.5m for the cost of abortive property acquisitions. GVA Grimley valued the property portfolio of 378 homes (at 30th September) 18% lower at £586m. The Directors believe that 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. The reverse takeo





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