Post-close Trading Update

RNS Number : 8337M

Spire Healthcare Group PLC

12 May 2015

 



Spire Healthcare Group plc

Post-close Trading Update

A positive period and in line with expectations

12 May 2015

London, UK, 12 May 2015: Spire Healthcare Group plc (LSE: SPI), the major UK independent hospital group, provides the following trading update for the three months ended 31 March 2015.

Trading

Overall Group trading during the period has been positive and in line with expectations:

·      Including St Anthony's, Group revenues have grown c.10%, with revenue growth in all three payor groups - PMI, Self-Pay and NHS.

·      All three payor groups have seen increased volumes of patients, with growth in the Self-Pay and NHS businesses particularly encouraging.

·      Excluding the contribution from St Anthony's, revenues grew by c. 6%.

·      Net debt at 31 March 2015 was approximately £422 million, in line with expectations.

Business Development

All development projects remain on schedule:

·      Construction work has begun on the new six operating theatre block at St Anthony's; it remains on track and is expected to complete (along with the new recovery unit and car park) in July 2016.

·      The planning application for Spire's proposed new hospital in Manchester (a 6-theatre, 72-bed development) has been approved. Work commenced on site in April 2015 and is expected to complete in January 2017.

·      The planning application for Spire's proposed new hospital in Nottingham (a 4-theatre, 56-bed development) has been approved. Work commenced on site in April 2015 and is expected to complete in November 2016.

·      Construction of Spire's major new cancer radiotherapy centre, next to the Baddow Hospital at the Essex Healthcare Park in Chelmsford, is now well underway with completion expected before the end of 2015. The centre will comprise a radiotherapy facility, housing two state-of-the-art linear accelerators, a wide-bore CT scanner, consultant rooms and an eight bay chemotherapy suite.

Comment from Rob Roger

Rob Roger, Chief Executive of Spire, said:

"I am pleased to note that during the first three months of our first full financial year as a public company we have once again grown revenues from all our three major payor groups. While the growth in the NHS business in the period has been strong, it is also gratifying that there has been continued strong growth in the Self-Pay business. All development projects underway remain on schedule and we continue to add new projects to the list.

Our guidance for the full 2015 financial year remains in line with that given in our preliminary announcement of results on 24 March 2015."

Half Year Results Announcement

The Company expects to make its announcement of the unaudited 2015 half year results in late August 2015.

For further information please contact:

Spire Healthcare Antony Mannion, Investor Relations Director Simon Gordon, Chief Financial Officer	[phone] [phone]
Maitland Martin Barrow Tom Eckersley	[phone]

About Spire

Spire is a leading independent hospital group in the United Kingdom, with 39 hospitals, 13 clinics and 1 radiotherapy cancer centre across England, Wales and Scotland. The Group delivered tailored, personalised care to more than 260,000 in-patients and daycase patients in 2014, and (outside the NHS) is the leading provider by volume of knee and hip operations in the United Kingdom.

Spire offers in-patient/daycase procedures in areas including orthopaedics, gynaecology, cardiology, neurology, oncology and general surgery and also diagnostic services including imaging and pathology. The Group also offers out-patient services, such as consulting, minor procedures, treatments, health checks and physiotherapy.

 

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