Four Seasons reports “positive progress” in Q1

Four Seasons Nurses

Four Seasons Health Care posted “positive progress” in the first quarter seeing a rise in care quality, occupancy and financial results.

Group revenue rose by 7% on the year earlier period to £163.9m, with EBITDA increasing by 28% to £11.8m.

Chairman Robbie Barr said: “The group has continued its positive progress in operational and business performance, with further year on year improvements in care quality, occupancy and financial results.”

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Care home occupancy rose by 3 percentage points year on year to 89.7%, the best result for three years, despite a high level of winter deaths.

The rise in occupancy was led by Four Seasons Health Care, which saw a 3.6 percentage points increase to 90.2%.

The high level of winter deaths and a refurbishment programme resulted in a 1.6 percentage point drop in occupancy levels at brighterkind to 85.8%.

Approximately 64% of the group’s care homes were rated Good or Outstanding as at March 2017, up 13% year on year.

Four Seasons disposed of 13 properties during the quarter at a value of £10.8m.

The group’s cash balance at the end of March stood at £44.8m with net debt at £520.2m.

Negotiations over the future capital structure of the business are ongoing with key stakeholders.

 

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