BREAKING NEWS: Higher occupancy and fee levels boost Four Seasons earnings

Four Seasons Nurses

Higher occupancies and fees helped Four Seasons continue its positive momentum in the third quarter of 2016.

EBITDA for the group rose by £7.7m year on year to £19.7m in the quarter with turnover up by 9% to £13.9m.

Chairman Robbie Barr said: “We have continued to build on our turnaround and positive momentum and progress in quarter two.”

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Combined occupancy at Four Seasons Health Care and brighterkind rose to 89.6% in Q3 from 85.3% in the year earlier period.

Average weekly fees for the two business rose to £675 from £620 in the year-earlier period. Group net debt was £513.8m.

There were just four embargoes in the group’s care homes at the end of October.

The business disposed of seven freehold properties generating income of £11.7m and pledged to continue to consider offers for loss-making or underperforming homes.

Four Seasons cited the increase to the National Living Wage, Local Authority funding pressures and the ongoing nursing shortages as its main challenges.

Robbie said: “It is clear that the current funding levels will result in a reduction in LA care home capacity.”

 

 

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