CareTech trades in line during H1
Social care and education services provider Caretech said on Thursday that it has traded in line with market expectations throughout the first half of its financial year, with stronger revenues and increased underlying earnings year-on-year.
Caretech said all of its operations had remained open during the first half of the year as the group focussed on obtaining Covid-19 vaccinations for staff and service users, with over 6,500 staff members and 1,800 service users receiving their first dose of the vaccination.
The AIM-listed firm also noted that net debt had been reduced to £263.1m, down from £268.9m on 30 September, while the firm's leverage had been cut to below its medium-term target of 3.0x EBITDA.
Caretech will pay a final dividend of 8.75p per share on 5 May.
Chairman Farouq Sheikh said: "I am delighted with the performance of the group over the first half of the financial year. Operationally the business continues to demonstrate considerable resilience in this challenging environment and I am pleased to report that our trading performance for the period is in line with market expectations with stronger performance for the group when compared with the same period last year."
As of 1110 BST, CareTech shares were down 1.21% at 532.46p.
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