Welcome!

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.

Enquiries:

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
Cloud-based disaster recovery is critical to any production environment and is a high priority for many enterprise organizations today. Nearly 40% of organizations have had to execute their BCDR plan due to a service disruption in the past two years. Zerto on IBM Cloud offer VMware and Microsoft customers simple, automated recovery of on-premise VMware and Microsoft workloads to IBM Cloud data centers.
Elon Musk is among the notable industry figures who worries about the power of AI to destroy rather than help society. Mark Zuckerberg, on the other hand, embraces all that is going on. AI is most powerful when deployed across the vast networks being built for Internets of Things in the manufacturing, transportation and logistics, retail, healthcare, government and other sectors. Is AI transforming IoT for the good or the bad? Do we need to worry about its potential destructive power? Or will we...
Many organizations adopt DevOps to reduce cycle times and deliver software faster; some take on DevOps to drive higher quality and better end-user experience; others look to DevOps for a clearer line-of-sight to customers to drive better business impacts. In truth, these three foundations go together. In this power panel at @DevOpsSummit 21st Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, industry experts will discuss how leading organizations build application success from all...
SYS-CON Events announced today that SIGMA Corporation will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. uLaser flow inspection device from the Japanese top share to Global Standard! Then, make the best use of data to flip to next page. For more information, visit http://www.sigma-k.co.jp/en/.
SYS-CON Events announced today that Daiya Industry will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Daiya Industry specializes in orthotic support systems and assistive devices with pneumatic artificial muscles in order to contribute to an extended healthy life expectancy. For more information, please visit https://www.daiyak...
The last two years has seen discussions about cloud computing evolve from the public / private / hybrid split to the reality that most enterprises will be creating a complex, multi-cloud strategy. Companies are wary of committing all of their resources to a single cloud, and instead are choosing to spread the risk – and the benefits – of cloud computing across multiple providers and internal infrastructures, as they follow their business needs. Will this approach be successful? How large is the ...
Your clients expect transactions to never fail, cloud access to be fast and always on, and their data to be protected - no exceptions. Hear about how Secure Service Container (SSC), an IBM-exclusive open technology, enables secure building and hosting of next-generation applications, both cloud and on-premises. SSC protects the full stack from external and insider threats, allows automatic encryption of data in-flight and at-rest, and is tamper-resistant during installation and runtime – with no...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
SYS-CON Events announced today that B2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. B2Cloud specializes in IoT devices for preventive and predictive maintenance in any kind of equipment retrieving data like Energy consumption, working time, temperature, humidity, pressure, etc.
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp em...
SYS-CON Events announced today that Interface Corporation will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Interface Corporation is a company developing, manufacturing and marketing high quality and wide variety of industrial computers and interface modules such as PCIs and PCI express. For more information, visit http://www.i...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...
SYS-CON Events announced today that Mobile Create USA will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Mobile Create USA Inc. is an MVNO-based business model that uses portable communication devices and cellular-based infrastructure in the development, sales, operation and mobile communications systems incorporating GPS capabi...
SYS-CON Events announced today that Nihon Micron will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Nihon Micron Co., Ltd. strives for technological innovation to establish high-density, high-precision processing technology for providing printed circuit board and metal mount RFID tags used for communication devices. For more inf...
SYS-CON Events announced today that N3N will exhibit at SYS-CON's @ThingsExpo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. N3N’s solutions increase the effectiveness of operations and control centers, increase the value of IoT investments, and facilitate real-time operational decision making. N3N enables operations teams with a four dimensional digital “big board” that consolidates real-time live video feeds alongside IoT sensor data a...