News Feed Item

PRIORY GROUP NO. 3 PLC Results for the Quarter and Year Ended 31 December 2013

LONDON, April 2, 2014 /PRNewswire/ --

Group Financial Highlights 

Q4 performance 

  • Revenue for Q4 2013 increased by £8.2m to £124.2m, a rise of 7.1% (Q4 2012: £116.0m), predominantly due to the Healthcare division, driven by NHS Acute bed demand as well as continuing maturity of homes in Amore Care.

  • Adjusted EBITDAR[1] is up £2.2m to £36.5m, an increase of 6.4% (Q4 2012: £34.3m) and Adjusted EBITDA[1] is up £2.1m to £33.5m, an increase of 6.7% (Q4 2012: £31.4m) primarily due to higher revenue, partially offset by the £1.8m increased cost of wage inflation and investment in quality assurance.

Full year performance 

  • Revenue YTD 2013 increased by £17.7m to £480.8m, a rise of 3.8% (YTD 2012: £463.1m).

  • Adjusted EBITDAR[1] YTD 2013, in line with expectation, is down 4.1% to £138.4m (YTD 2012: £144.3m) and Adjusted EBITDA[1] down 5.0% to £126.4m (YTD 2012: £133.0m). The movements are predominantly due to changes in the trading environment in which our Education division operates, notably a requirement to split residential accommodation from teaching facilities and fewer residential placements, as well as the cost of wage inflation across the group (£5.9m) and increased investment in quality assurance (£2.0m) across all divisions, partly offset by a strong performance in Healthcare.

  • Operating cash conversion[2] of 85.6% (2012: 90.7%).

For a copy of the full financial report for the quarter and year ended 31 December 2013 please visit http://www.priorygroup.com/investors/financial-performance.


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

2 Operating cash conversion is defined as cash flow from operating activities before tax divided by EBITDA before future minimum rental increases (excluding exceptional items).

Commenting on the results, Priory Group Chief Executive Officer Tom Riall said:

"Priory finished the year strongly with positive trading performance during Q4 from our Healthcare and Craegmoor divisions. As a result, Priory's overall performance for the year was in line with expectations.

"2013 was an important year in the Group's development. The uncertainty caused by the changes to the commissioning landscape resulted in a period of short term disruption for the Group's healthcare business but this has now dissipated and the Group is beginning to see increasing opportunities to build on our already strong relationships with commissioners. We continue to strengthen our business development capabilities and are beginning to see tangible results from this investment.

"Going forward, we will continue to adapt our Education offering to meet the changing needs of the market and remain committed to investing across the remainder of our business to differentiate our offering from our competitors and ensure that we are well placed to capitalise on the long term fundamentals that underpin the markets in which we operate."

About Priory 

The Priory Group of Companies is dedicated to helping people to improve their health and well-being. We understand that in order for people to achieve high quality clinical and educational outcomes they need individually tailored programmes, suiting their specific needs.

Priory Group of Companies has established an unrivalled reputation for providing quality, inspiring innovation and delivering value for its service users. The Group currently treats more than 70 different conditions through a nationwide network of more than 270 facilities that support service users' health, care, education and specialised needs.  

As a significant proportion of our services are publicly funded and delivered in partnership with commissioners, our teams work with commissioning bodies across the country to provide transparent pricing models and evidence-based care programmes.

The Priory Group website features a range of regularly updated stories and expert opinion pieces.  To help us to increase the sharing of our expert comment pieces, we would be grateful, where the article appears online, if you could include a link to our website, http://www.priorygroup.com, contained within the copy of the release.


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
SYS-CON Events announced today that Cemware 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. Use MATLAB functions by just visiting website mathfreeon.com. MATLAB compatible, freely usable, online platform services. As of October 2016, 80,000 users from 180 countries are enjoying our platform service.
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 ...
SYS-CON Events announced today that StarNet Communications 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. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Virgil consists of an open-source encryption library, which implements Cryptographic Message Syntax (CMS) and Elliptic Curve Integrated Encryption Scheme (ECIES) (including RSA schema), a Key Management API, and a cloud-based Key Management Service (Virgil Keys). The Virgil Keys Service consists of a public key service and a private key escrow service. 

SYS-CON Events announced today that eCube Systems, the leading provider of modern development tools and best practices for Continuous Integration on OpenVMS, will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. eCube Systems offers a family of middleware products and development tools that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Effectively SMBs and government programs must address compounded regulatory compliance requirements. The most recent are Controlled Unclassified Information and the EU’s GDPR have Board Level implications. Managing sensitive data protection will likely result in acquisition criteria, demonstration requests and new requirements. Developers, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by incorporating changes.
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.
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
SYS-CON Events announced today that Embotics, the cloud automation company, 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. Embotics is the cloud automation company for IT organizations and service providers that need to improve provisioning or enable self-service capabilities. With a relentless focus on delivering a premier user experience and unmatched customer support, Embotics is the fas...
DevOps is speeding towards the IT world like a freight train and the hype around it is deafening. There is no reason to be afraid of this change as it is the natural reaction to the agile movement that revolutionized development just a few years ago. By definition, DevOps is the natural alignment of IT performance to business profitability. The relevance of this has yet to be quantified but it has been suggested that the route to the CEO’s chair will come from the IT leaders that successfully ma...
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
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...
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...