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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.

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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.

Enquiries: 

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

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