Care home provider Stow Healthcare has secured an impressive growth of nearly 25% to its turnover in its most recent financial report.
Operating across Essex, Norfolk and Suffolk, Stow has a total of 11 facilities, including residential care homes, nursing homes and ‘memory centres’.
Now, the company has released its latest financial report, accounting for the 12 months to 31 March 2022.
The finances show that Stow Healthcare had a very strong year in 2021/22, despite the ongoing effects of the pandemic.
Its turnover sat at £15.5 million – nearly £3 million more than the previous year’s £12.56 million.
Gross profits increased by a similar margin, rising from £3.9 million to £4.65 million.
Staffing levels likewise increased during the period, with a jump from 414 to 439. This saw wage expenditure rise from just under £7 million to nearly £8.6 million.
The board of directors’ report, signed off by managing director Roger Catchpole, reads: “The directors are pleased to report that the company and group has continued to both successfully operate its existing care homes and to expand its activity levels.
“The groups continues to operate with healthy cash balances, maintain a robust balance sheet and own the freehold of its property.”
Looking to the future, the report added: “The directors continue to look at opportunities for advancement and growth through the acquisition of existing underperforming nursing and residential care homes across the East of England. In addition, the directors plan to develop new-build homes, the first of which they plan to open in 2023-24.”