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Annual Results

Mediclinic operating profit up

24 May 2017 07:32

Mediclinic announced operating profit increased 26% to £362m in the year to 31 March 2017.

FINANCIAL RESULTS

- Revenue up 30% to £2,749m; up 15% compared to pro forma FY16 revenue including Al Noor (£2,391m)

- Underlying EBITDA up 17% to £501m; underlying EBITDA margin decreased to 18.2% from 20.4%

- Underlying earnings per share down 19% to 29.8p

- In constant currency, revenue and underlying EBITDA increased by 15% and 3% respectively

- Cash flow conversion at 101% of underlying EBITDA

- Proposed final dividend of 4.7p per share; in line with dividend policy

OPERATING PERFORMANCE

- Hirslanden revenue up 3% to CHF1 704m; underlying EBITDA up 5% to CHF340m; underlying EBITDA margin of 20%

- Southern Africa revenue up 7% to ZAR14,367m; underlying EBITDA up 6% to ZAR3,049m; underlying EBITDA margin of 21.2%

- Middle East revenue up 72% to AED3,109m; revenue down 8% versus pro forma for the Al Noor combination; underlying EBITDA down 5% to AED364m; underlying EBITDA margin of 11.7%

OUTLOOK

Mediclinic said its main strategic focus is to ensure high-quality care and optimal patient experience.

The company continued to invest in its people, patient facilities and the technology within the facilities.

Its growing international scale also enabled it to unlock further value by promoting collaboration and best practice between its operating platforms and to extract further synergies and cost-efficiencies.

The group said it is well-positioned to deliver long-term value to its shareholders with a well-balanced portfolio of global operations, a leading position across all four attractive healthcare markets and a platform for future growth.

Demand for Mediclinic's services across its platforms remained robust, underpinned by an ageing population, growing disease burden and technological innovation.

However, the increase in demand across the platforms was impacted by lower economic growth and greater competition.

In addition, there was an increased focus on the affordability of delivering healthcare which is resulting in changing care delivery models and greater regulatory oversight.

Story provided by StockMarketWire.com

Related Company: MDC

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