News Feed Item

PRIORY GROUP NO. 3 PLC: Results for the Three and Nine Months Ended 30 September 2012

LONDON, November 23, 2012 /PRNewswire/ --

Group Financial Highlights

Q3 performance

  • Pro forma[1] Revenue for Q3 2012 increased by £1.8m to £116.3m, a rise of 1.6% (Q3 2011: £114.5m), driven by the contribution from acquisitions alongside growth in the Older People division due to the continued maturity of the Priory estate
  • Pro forma Adjusted EBITDA[2] up 9.8% to £34.6m (Q3 2011: £31.5m) and pro forma Adjusted EBITDAR up 8.7% to £37.4m (Q3 2011: £34.4m), primarily due to £1.5m of central cost savings arising from the successful integration of Craegmoor, £0.7m from acquisitions and growth within the Older People division
  • Pro forma Adjusted EBITDA[2] up 0.9% from Q2 2012 to £34.6m in Q3 2012 (Q2 2012: £34.3m)

YTD performance

  • Pro forma[1] Revenue YTD 2012 increased by £3.5m to £347.1m, a rise of 1.0% (YTD 2011: £343.6m), mainly due to growth within the Older People division and the contribution from acquisitions
  • Pro forma Adjusted EBITDA[2] YTD 2012 up 10.0% to £101.6m (YTD 2011: £92.4m) and pro forma Adjusted EBITDAR up 9.4% to £109.9m (YTD 2011: £100.5m) primarily due to £6.2m of central cost savings arising from the successful integration of Craegmoor, Older People growth and three Specialist Services acquisitions

For a copy of the full financial report for the three and six months ended 30 September 2012 please visit http://www.priorygroup.com/investors/financial-performance.aspx.  

Commenting on the results, Priory Group Chairman Mike Jeffries said:

"I am pleased that the Group has recorded another solid quarter of growth following our robust first half performance.  However, given the ongoing backdrop of commissioning reforms, certain elements of our business underperformed our expectations towards the end of the period.  This underperformance has continued into October with our acute hospitals, education and specialist care businesses particularly affected by uncertainty at a NHS funder and local authority level which has had the effect of delaying the time period between referrals and admissions.

"Although the timeline from referral to admission is likely to lengthen in the short term given the reforms, Priory's position within the marketplace remains strong and, ultimately, the disruption is only likely to delay decision making rather than result in lost business for the Group.

"However, as a result of this disruption, we now anticipate a c.2 to 3% reduction in our full year EBITDA performance against our previous guidance of £135m excluding the impact of acquisitions and additional ongoing quality costs.  

"Despite the near term hiatus in the referral process, the fundamentals underpinning the markets in which we operate remain favourable and the Group firmly believes that the healthcare commissioning reforms will ultimately have a positive impact on Priory once they are fully implemented in the longer term."

About Priory

Priory is Europe's leading independent provider of care for mental health conditions, psychological and psychiatric services including condition management programmes, secure, forensic and stepdown services, specialist education, complex care, neuro-rehabilitation services, fostering and care homes.  It is also the UK's leading independent provider of support for people with learning difficulties, autism, complex needs, and mental health problems.

Priory employs over 10,000 people with a vast range of expertise and experience in over 270 hospitals, schools and care homes throughout the United Kingdom, Northern Ireland and Scotland. Priory has approximately 5,500 patients, pupils and residents.


1. The Pro forma income statement assumes that the acquisition of the Priory Group occurred on 1 January 2011 rather than 4 March 2011, and that the acquisition of the Craegmoor Group occurred on 1 January 2011 rather than 14 April 2011.

2. Excludes exceptional non recurring items and charges for future minimum rental increases.


Andrew Jaques / James White, MHP Communications, +44(0)20-3128-8100.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Penta Security is a leading vendor for data security solutions, including its encryption solution, D’Amo. By using FPE technology, D’Amo allows for the implementation of encryption technology to sensitive data fields without modification to schema in the database environment. With businesses having their data become increasingly more complicated in their mission-critical applications (such as ERP, CRM, HRM), continued ...
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
In his session at @DevOpsSummit at 19th Cloud Expo, Robert Doyle, lead architect at eCube Systems, will examine the issues and need for an agile infrastructure and show the advantages of capturing developer knowledge in an exportable file for migration into production. He will introduce the use of NXTmonitor, a next-generation DevOps tool that captures application environments, dependencies and start/stop procedures in a portable configuration file with an easy-to-use GUI. In addition to captu...
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, will draw together recent research and lessons learned from emerging and established ...
SYS-CON Events announced today that Enzu will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their online busine...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
SYS-CON Events announced today that Cloudbric, a leading website security provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Cloudbric is an elite full service website protection solution specifically designed for IT novices, entrepreneurs, and small and medium businesses. First launched in 2015, Cloudbric is based on the enterprise level Web Application Firewall by Penta Security Sys...
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Established in 1998, Calsoft is a leading software product engineering Services Company specializing in Storage, Networking, Virtualization and Cloud business verticals. Calsoft provides End-to-End Product Development, Quality Assurance Sustenance, Solution Engineering and Professional Services expertise to assist customers in achieving their product development and business goals. The company's deep domain knowledge of Storage, Virtualization, Networking and Cloud verticals helps in delivering ...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...