Avery Healthcare has recorded operating losses in excess of a quarter of a million pounds in its latest annual financial report.
The care home provider’s finances are for the 12 months leading to 31 March 2022.
Avery Healthcare has 68 care homes, all of which are in the Birmingham-Leicester-Nottingham area. It also operates to a smaller degree in the retirement living sector.
Operating losses of £253,085 were recorded for the year to 31 March 2022, compared to £93,081 in the year prior.
Losses before tax, meanwhile, were at £1.55 million. This was just in excess of the loss before tax of £1.51 million in the company’s financial year 2020/21.
Once taxes are accounted for, however, losses were up more than £300,000 in the most recent financial results from Avery Healthcare.
Among the concerns or risks listed by Avery Healthcare for the future were: the health of the wider care sector; legislation and government funding surrounding care; the state of the housing market and pensions, both of which impact people’s ability to pay for care; and “the financial risk resulting from fluctuations in interest rates through appropriate hedging arrangements”.
A statement from the company’s directors and signed by chief financial officer Matthew Proctor said: “The directors are satisfied with the performance in the year, which is in line with expectations as the company and wider group continues its recovery following the impact across the sector seen as a result of Covid-19.”
