CareTech trades in line, sees 'minimal' Covid-19 impact
Social care provider CareTech said its first-half performance was in line with market expectations as both revenues and margins were "stronger" than they had been a year earlier.
CareTech Holding
750.00p
16:14 26/09/22
FTSE AIM 100
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16:44 24/04/24
FTSE AIM 50
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16:44 24/04/24
FTSE AIM All-Share
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Health Care Equipment & Services
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CareTech, which said it was on track to deliver a total of £5m in pre-tax profit synergies for the year ended 31 September, also confirmed its final dividend of 7.95p per share despite the "unprecedented times" in which it was trading.
The AIM-listed group also stated it continued to have a strong active pipeline of investments in new properties and bolt-on acquisition opportunities and added it would look to deploy free cash flow whilst remaining committed to reducing net debt/ EBITDA in the medium-term to under three times.
CareTech highlighted that the negative financial impact to date of Covid-19 had been minimal so far and said it does not foresee that changing despite uncertainty surrounding the pandemic.
As of 1300 BST, CareTech shares were up 5.41% at 390p.