Optima Health flags higher revenue, earnings

(Sharecast News) - Optima Health said on Tuesday that revenue for the year ended 31 March is expected to rise 15% to about £121m, in line with market expectations, while adjusted EBITDA is forecast to be around 10% ahead of previous market forecasts. The AIM-traded occupational health and wellbeing services provider said it recognised £4.7m of other income relating to a previously disclosed procurement matter and completed the £100m acquisition of PAM Healthcare in March, significantly increasing the group's scale and capabilities.

Integration is progressing to plan, with £1.3m of annualised cost synergies delivered by 1 June.

Optima reported net debt excluding leases of £94.4m at the year-end, comprising £21.6m of cash and £116m of debt, although debt has since reduced following the repayment of a £30m bridging loan.

Chief executive Jonathan Thomas said the PAM acquisition had "expanded our capabilities and strengthened our ability to support customers across the UK and Ireland" as the group works towards medium-term targets of £200m of annual revenue and £40m of adjusted EBITDA.

At 1114 BST, shares in Optima Health were down 1.34% at 191.41p.

Reporting by Josh White for Sharecast.com.

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