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Bupa posts healthy profits but boss warns of care funding crisis
HEALTHCARE group Bupa yesterday announced pre-tax profits of £220m for 2011, up from £118m the year before.
This was assisted by improved performance from overseas divisions, with income up 14 per cent to £3.9bn.
But revenue in its traditional Europe and North American markets was down two per cent at £2.93bn.
Outgoing chief executive Ray King said that although his firm achieved “satisfactory levels of occupancy” at UK care homes, they have been forced to control costs to “to mitigate the worryingly inadequate public funding of residential aged care”.
Global customer numbers were up three per cent to 10.84m.
Bupa has no shareholders, allowing profits to be re-invested into the company.