Spire Healthcare CEO hails ‘resilient’ performance as profits slide
The chief exec of Spire Healthcare has hailed a “resilient” performance for the firm, as the company announced that its profits had fallen last year.
The UK’s second largest private healthcare provider posted adjusted pre-tax profits of £46.5m, down just over seven per cent on the previous year’s figure of 50.2m.
Spire Healthcare’s revenue lifted 4.5 per cent to £1.58bn, while EBITDA rose 3.2 per cent to £268.6m.
The company said this was supported by £30m of new cost savings from its transformation programme, and came in a year where exceptional cost increases totalled £15m. The increases included the lift in National Insurance and minimum wage rises.
Speaking on the results, Justin Ash, chief executive officer of Spire Healthcare, said: “Today’s results demonstrate a resilient performance against a backdrop of increased costs and changes in the NHS commissioning environment towards the end of the year.
“We doubled down on our strategy which allowed us to respond effectively, delivering a planned £30m in savings and improved free cashflow generation while maintaining care quality, optimising pricing, and exercising discipline across activity mix and investment.”
The firm also saw revneues in its hospitals arm grow 4.3 per cent to £1.45bn.