CareTech meets full-year expectations amid modest boost in capacity

Writer, Stock Market Wire
Friday, October 26, 2018 - 08:57

CareTech Holdings said Friday that full-year performance was in line with market expectations after capacity in residential and supported living increased modestly, though occupancy levels were flat year-on-year.

Net capacity in residential and supported living at the year-end was 2,622 places, compared with 2,534 places a year earlier.

Occupancy levels in the mature estate was flat year-on-year at 93% and the blended occupancy, which includes newly opened services, was also flat at 86%, the company said.

Staff turnover for the year ticked higher to 22%, from 21% seen a year earlier.

'We enter the current year having just completed the substantial acquisition of Cambian, a highly complementary business. CareTech now comprises two trading divisions, the CareTech Division and the Cambian Division, enabling the Group to provide a broader service offering to care commissioners with increased geographic reach,' said Farouq Sheikh, CareTech's Executive Chairman.

At 8:57am: (LON:CTH) CareTech Holdings PLC share price was +3p at 348p

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