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Trading statements

Al Noor Hospitals revenues up

12 May 2015 08:23

Al Noor Hospitals Group's revenues for the three months to the end of March rose to $124.9m - 11.9% up on a year ago.

A trading update says that the group continued to perform in line with management's expectation in Q1, demonstrating strong revenue growth and stable EBITDA margins.

It contineus: "In line with the group's growth plans, our new medical centre at the Emirates Nuclear Energy Company (ENEC) power plant has started trading and is contributing to volume growth. The Group continues to make progress on medical centres in Sharjah, Abu Dhabi City, and Al Ain and expects to open them in the second half of this year."

Al Noor says it continues to remain debt free with a strong net cash position of US$93.7m allowing the group to continue exploring further acquisition opportunities.

The company also announced that chief financial officer Pramod Balakrishnan, has resigned to pursue an alternative opportunity. Balakrishnan will leave the company on 31 July after completing his notice period. A search for his successor has begun and the appointee will be announced in due course.

At 8:23am: (LON:ANH) Al Noor Hospitals Group PLC share price was -7p at 861.5p

Story provided by StockMarketWire.com

Related Company: ANH

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