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Annual Results

Spire Healthcare improves FY after-tax profit

02 March 2017 07:53

Spire Healthcare's FY after-tax profit has slipped lower as the company posted higher revenue for a period that it described as pleasing.

After-tax profit was £53.6m, from £60.0m. Revenue was £926.4m, from £884.8m.

EBITDA was £162.0m, from £160.1m.

Total dividend for the year was 3.8p a share, from 3.7p.

Executive chairman Garry Watts said that 2016 saw growth in each of Spire's sales, EBITDA and patient admissions.

"I am particularly pleased with the excellent performance shown by our Self-pay and NHS businesses," said Watts.

"Within the NHS business, the proportion of eReferral work versus Local Contract work rose to nearly 80%, a trend which is positive for planning, efficient timing and delivery at our hospitals.

"After adjusting for St Anthony's, our margin remained stable at an attractive 18.2%, while our EBITDA conversion to operating cash flow was a noteworthy 115% before exceptional items & tax."

Looking ahead, Watts said Spire was very positive about its prospects overall.

"Its fundamental business proposition is solid and we remain well placed to benefit from opportunities arising from the demographics of UK healthcare and constrained NHS capacity.

"We expect the Group to return to mid to high single digit EBITDA growth from Financial Year 2018 onwards."

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