NHP turnover up 41% since 2002

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

A strong set of results has been reported by NHP for the six months to March 31, 2003. Turnover was up 41 per cent at £79.6m compared with the equivalent 2002 figure (£56.4m), reflecting the growth of Highfield Care’s operated portfolio. Pre-tax profits (including exceptional items) were £10.1m (2002: £6.9m). Operating cash flow – always a good index of a company’s health – almost doubled from £5.4m to £10.7m. Dividend payments have been resumed with 0.75p per Ordinary share payable in July 2003, and net resource borrowings are halved to £43.8m (2002: £86.8m). Book value on investment and operated properties, at £645m, is inching back towards the £660m cost. Chairman, Sir Martin Laing, also points out that “in our property business, no additional provision for third party tenants’ bad debts was necessary and, now, not a single NHP-owned home for frail elderly people remains in receivership.”

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