Company Results

GHG has continued to deliver robust growth despite the challenging economic conditions. This is manifested in the excellent results delivered for the 6 months to March 2009 .

Over the past 3 years since the acquisition, a stable management team have delivered, revenue growth of c30%, whilst EBITDA has grown by c40%.

For the 6 months ended 31 March 2009 these trends have continued with revenue increasing by over 8% to £407 million. This growth is a result of increased caseload , new products and services being introduced at a number of our hospitals (e.g. renal and A&E), strong revenue per case growth and the benefits of a full period of the hospitals acquired from Nuffield in 2008.

EBITDA again demonstrated double digit growth to £109 million reflecting the revenue growth described above plus a range of efficiencies across the business. EBITDA margin has grown by 0.4 percentage points. As our business has grown both organically and by acquisition we have utilized the benefits of our market-leading position and size to offer a better service to our patients and to utilize our resources and facilities more efficiently.

We have continued to invest in our business with £27m of capital expenditure during the period upgrading and maintaining our high quality portfolio of hospitals and facilities.

Interest was marginally higher at £66 million due to the acquisition noted above and the reduction of interest earned on cash balances. We have long term fixed debt in place, with no refinancing requirement until 2013.

Earnings are growing strongly, c£5m higher than the equivalent period last year.

We are a highly cash generative business, growing, financially strong and well placed to continue to grow market share and to take advantage of opportunities that will continue to arise.

To view the half-year review for 2008/9, please click here.

Please contact Keith Browner if you have any questions related to the report.

Our strategy

General Healthcare Group has a clear strategic focus that drives our growth and development, enabling us to respond to the changing environment around us and build upon our position as the leading provider of independent health care in the UK. Our strategy focuses on:
Delighted patients	enhancing clinical outcomes and the quality patient experience.
Committed consultants	attracting leading specialists and building effective partnerships.
Passionate people	attracting, motivating and retaining the highest calibre people.
Trusting partners	building ‘partner of choice’ relationships with key stakeholders including PCTs, GPs and leading medical insurers.
Levers for growth	expanding our broad range of specialist treatments and our network of hospitals and clinics.
Operational excellence	providing the highest quality services in an efficient and cost-effective manner to all our customers, thereby enhancing returns to all our stakeholders.

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