CareTech eyes growth opportunities after strong first-half
28 April 2009
First half trading at CareTech is expected to meet market expectations after the company continued to capitalise on promising organic and acquisitive growth opportunities.
In a trading update, the specialist provider of care and support for people with learning difficulties said it was able to report “significant progress” on the back of secure, asset backed long-term income and highly visible earnings.
During the period to March 31, 2009, CareTech reinforced its management team and said an efficient organisational model based on two effective regions had led to the successful integration of two major acquisitions Beacon Care and Valeo.
Occupancy in established services continued to run at 94%, in line with previous years, and capacity at the group’s homes increased by a further 72 beds.
It noted that the pipeline of organic development and acquisition opportunities remained strong and that it was continuing to actively evaluate those that it believed to be most attractive in terms of enhancing shareholder value.
Executive chairman, Farouq Sheikh, said: “Opportunities for growth remain good within the highly fragmented markets in which we operate.”
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