Bupa UK reports strong H1 profit, despite challenging market

Bupa UK has reported a 30% rise in first half profit to £72.1 million despite challenging market conditions.

The leading UK care home provider cited increased staffing costs as a result of the introduction of the National Living Wage and ensuring local authority fees reflect the true costs of care as the leading challenges to the aged sector.

Bupa said the acquisition of five care homes from Hadrian Healthcare Limited in December 2015 and strong sales in Richmond Witney, a retirement village currently under construction, had a positive impact on performance. Occupancy was flat at almost 86% over the period.

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Commenting on the group’s financial results, which saw modest growth in profit, CEO Evelyn Bourke said: “The immediate impact on Bupa’s financial position following the EU referendum in June has been limited. While there will be some operational and legal impacts, it is too early to conclude how the Leave vote will affect our underlying businesses and employees. We will continue to monitor the situation closely.

“Looking forward, we currently anticipate modest growth for the full year, with continued emphasis on deepening our relationships with our customers, combined with robust financial management.”

 

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