Cambian reports mixed results as post-float milestone approaches

 
Adam Hignett
Cambian chief executive Saleem Asaria
SHARES in health service provider Cambian Group were buoyed yesterday after news of full-year results showing strong revenue growth offset a loss in pre-tax profit.

The firm, which floated on the FTSE in April last year, made four acquisitions during 2014, including Woodleigh Care in December for £63m.

The acquisitions accounted for 451 of the 580 new places added to the firm’s capacity, but occupancy rates remained unchanged at 80 per cent throughout the period.

Overall group revenue grew by 12 per cent during the period ending 31 December 2014, but the company recorded a pre-tax loss of £4.2m, taking account of the charges arising from its float.

Cambian shares closed up 4.28 per cent yesterday. The firm said its strategy to expand the company in future years was business optimisation, organic dev­elop­ment and innovation.

Saleem Asaria, the chief executive, commented: “These results reflect a good perfor­mance in 2014, a year in which we also made significant progress in positioning ourselves for growth.

“We are pleased with the acquisitions we made in the period, including that of Woodleigh in December, which strengthens our position in the adult intellectual disability sector.

“The quality of care and value for money we offer continues to be appreciated by our customers, and we are well positioned to deliver on our vision to be the highest quality provider of specialist behavioural health services to children and adults.”