|By PR Newswire||
|August 28, 2014 02:00 AM EDT||
LONDON, August 28, 2014 /PRNewswire/ --
Group Financial Highlights
- Revenue for Q2 2014 increased by £11.2m to £129.8m, a rise of 9.4% (Q2 2013: £118.6m), driven predominantly by a strong performance in Healthcare and Craegmoor due to higher ADC and ADF, together with continuing maturity of Amore Care, partially offset by reduced revenue in Education following changes to pupil mix with fewer residential places.
- Adjusted EBITDAR is up 4.1% to £35.4m (Q2 2013: £34.0m) and Adjusted EBITDA is up 4.5% to £32.4m (Q2 2013: £31.0m) primarily due to higher revenue in Healthcare, Craegmoor and Amore Care, partially offset by the challenging conditions in Education as well as higher operating costs to service the higher levels of ADC and patient acuity.
- Revenue YTD 2014 increased by £20.1m to £254.0m, a rise of 8.6% (YTD 2013: £233.9m).
- Adjusted EBITDAR YTD 2014 up 3.8% to £68.3m (YTD 2013: £65.8m) and Adjusted EBITDA up 4.2% to £62.3m (YTD 2013: £59.8m).
For a copy of the full financial report for the three and six months ended 30 June 2014 please visit http://www.priorygroup.com/investors/financial-performance
Commenting on the results, Priory Group Chief Executive Officer Tom Riall said:
"Following our solid start to 2014, trading for the period has remained in line with our expectations with the second quarter of the year seeing us maintain and indeed build upon our positive trading performance in the year to date, recording a near 10% rise in revenues alongside a 4.5% increase in EBITDA.
"I am particularly pleased by the strong performances from our Healthcare and Craegmoor divisions during the quarter as well as the ongoing maturity of our Amore Care business. Conditions in the broader education market continue to adversely affect our Education business but I am satisfied that the measures we are taking to address the issues we are facing will ensure that the Group is well positioned in the medium term.
"Overall, we are continuing to make good progress against our revised strategy as we seek to become the UK's leading provider of specialist healthcare, social care and education services."
 Excludes exceptional non recurring items and charges for future minimum rental increases
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 280 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