LONDON (dpa-AFX) - Spire Healthcare Group Plc. (SPI.L), a UK private hospital group, reported Tuesday that its first-half profit after tax dropped 7.9 percent to 8.2 million pounds from 8.9 million pounds last year.
Adjusted profit after tax was 16.4 million pounds, compared to 34.7 million pounds a year ago. Adjusted, basic earnings per share were 4.1 pence, compared to 8.7 pence last year.
EBITDA was 66.1 million pounds, down 20.6 percent from 83.2 million pounds last year.
Revenue edged down 1.1 percent to 475.6 million pounds from 481.0 million pounds a year ago.
Further, the company maintained interim dividend at 1.3 pence per share, payable on December 11.
Looking ahead, for fiscal 2019, the company now expects EBITDA to be in the range of 120 million pounds to 125 million pounds, after charging non-recurring items of approximately 5 million pounds.
The company previously said it expects EBITDA for the full financial year 2018 to be materially lower than for 2017.
Justin Ash, chief executive officer, said, 'On the payor side, the unprecedented decline (both in scale and speed) in NHS admissions has led to Spire having to announce disappointing H1 2018 results and a revised outlook for the financial year as a whole. Nonetheless our overall revenues are broadly flat as the growth opportunity in our private business, 2.5% in the period, continues to support our shift in strategic focus.'
Separately, the company announced that it has appointed John Forrest as its new Chief Operating Officer. Forrest will take up his duties on October 8.
He joins Spire from Greene King, a pub retailer and brewer, where he has held a number of senior positions including COO for retail and most recently Managing Director for their Pub Partners division.
Prior to Greene King, John was at Whitbread for eight years, including four years as COO of Premier Inn.
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