
(Incorporated in
Company Number: 08338604
LSE Share Code: MDC
JSE Share Code: MEI
NSX Share Code: MEP
ISIN: GB00B8HX8Z88
LEI: 2138002S5BSBIZTD5I60
("Mediclinic", the "Company", or the "Group")
2021 Half-Year Trading Update
Summary
• |
Robust first-half operating performance despite, as previously reported, significant impact in April from COVID-19-related measures |
• |
Good rebound in trading from May onwards |
• |
Continued strong financial position and liquidity |
• |
Cautious on full impact of COVID-19 pandemic and its economic aftermath on second-half Group operating performance |
• |
Group remains focused on strategy execution, operational delivery and provision of critical healthcare services |
Commenting today, Dr
"Mediclinic is expertly navigating one of the most challenging periods for healthcare globally. I commend the dedication and commitment of our medical professionals and staff during this extremely challenging period. Our skilled frontline teams have and continue to provide uninterrupted critical care to the communities we serve and deserve all our gratitude.
The Group delivered a robust first-half operating performance maintaining operational agility and financial strength while continuing to execute on our strategy. We have seen a good rebound in trading since
The information on which this update is based represents the Group's latest financial estimates and has not been reviewed and reported on by Mediclinic's external auditors. All financial figures, unless explicitly stated, are adjusted1. The Group has adopted the IFRS 162 accounting standard from
Group Overview
Mediclinic, as an international healthcare services provider, has been unwavering in providing its support to and collaborating with the relevant health authorities in tackling the COVID-19 pandemic ("the pandemic"). The Group delivered a robust first-half operating performance, underpinned by demand for its healthcare services and supplemented by an expanded offering aimed at meeting patients' needs and changing behaviours. The Group invested in a number of initiatives to help its employees, supporting doctors and patients deal more effectively with the crisis. In line with the Group's digital transformation strategy, all divisions advanced the use of telemedicine technologies to support patients' remote access to care.
As previously disclosed, revenue and profitability were significantly impacted in
The Group has continued to demonstrate operational and financial resilience. At the end of
Divisional Summary
In
From
Outlook
The pandemic has highlighted the global demand for quality healthcare services and the integral role played by private providers in supporting national governments and healthcare authorities. Ageing populations, a growing disease burden and digitalisation of healthcare are creating further opportunities for expansion and advancement across the continuum of care with Mediclinic accelerating several strategic projects in response to the pandemic.
While Mediclinic delivered a robust first-half operating performance, with several identified features contributing to revenue performance and patient activity in
Financial performance and key performance indicators
Note: All 1H21 movements are approximate and relative to the prior year period.
1H20 |
1H21 |
|
Group (GBP'm) |
||
Revenue (constant currency) |
1 515 |
(5.0)% |
Revenue (reported) |
1 515 |
(7.0)% |
EBITDA (constant currency) |
252 |
(33.0)% |
EBITDA (reported) |
252 |
(33.0)% |
Reported EBITDA margin |
16.6% |
12.0% |
Earnings per share (pence) |
9.9p |
Marginally positive |
|
||
Revenue |
871 |
(2.0)% |
EBITDA margin |
16.2% |
13.5% |
Movement in inpatient admissions |
5.0% |
(1.0)% |
GBP/CHF average FX rate |
1.25 |
1.19 |
|
||
Revenue |
8 578 |
(19.0)% |
EBITDA margin |
20.8% |
8.0% |
Movement in PPDs |
2.7% |
(25.0)% |
GBP/ZAR average FX rate |
18.28 |
22.04 |
|
||
Revenue |
1 616 |
8.5% |
EBITDA margin |
12.6% |
12.5% |
Movement in inpatient admissions and day cases |
9.2% |
(3.5)% |
Movement in outpatient cases |
5.5% |
(14.5)% |
GBP/AED average FX rate |
4.62 |
4.65 |
Spire Healthcare Group
Mediclinic holds a 29.9% investment in Spire Healthcare Group plc ("Spire") which is equity accounted. Spire reported its half-year financial results for the period ended
|
Spire |
Mediclinic (income from associates) |
||
|
6 months ended |
6 months ended |
1H20 |
1H21 |
Reported profit/(loss) |
|
|
|
|
1 The Group uses adjusted income statement reporting as non-IFRS measures in evaluating performance and as a method to provide shareholders with clear and consistent reporting. The Group's non-IFRS measures are intended to remove from reported earnings volatility associated with defined one-off incomes and charges which were previously referred to as underlying.
2 IFRS 16 accounting standard: addressing the definition of a lease, recognising and measuring leases and establishing principles for reporting useful information to users of financial statements about the leasing activities of both lessees and lessors.
3 Spire's reported loss was
Cautionary Statement
This announcement contains certain forward-looking statements relating to the business of the Company and its subsidiaries, including with respect to the progress, timing and completion of the Group's development; the Group's ability to treat, attract and retain patients and clients; its ability to engage consultants and general practitioners and to operate its business and increase referrals; the integration of prior acquisitions; the Group's estimates for future performance and its estimates regarding anticipated operating results; future revenue; capital requirements; shareholder structure; and financing. In addition, even if the Group's actual results or development are consistent with the forward-looking statements contained in this announcement, those results or developments may not be indicative of the Group's results or developments in the future. In some cases, forward-looking statements can be identified by words such as "could", "should", "may", "expects", "aims", "targets", "anticipates", "believes", "intends", "estimates", or similar. These forward-looking statements are based largely on the Group's current expectations as of the date of this announcement and are subject to a number of known and unknown risks and uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievement expressed or implied by these forward-looking statements. In particular, the Group's expectations could be affected by, among other things, uncertainties involved in the integration of acquisitions or new developments; changes in legislation or the regulatory regime governing healthcare in
The Group is providing the information in this announcement as of this date, and disclaims any intention to, and make no undertaking to, publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About
Mediclinic is a diversified international private healthcare services group, established in
The Group's core purpose is to enhance the quality of life.
Its vision is to be the partner of choice that people trust for all their healthcare needs.
Mediclinic is focused on providing specialist-orientated, multi-disciplinary services across the continuum of care in such a way that the Group will be regarded as the most respected and trusted provider of healthcare services by patients, medical practitioners, funders and regulators of healthcare in each of its markets.
At
The divisions' contributions to Group revenue for the financial year ended
The Company's primary listing is on the
Mediclinic also holds a 29.9% interest in Spire Healthcare Group plc, a leading private healthcare group based in the
For further information, please contact:
Investor Relations,
+44 (0)20 3786 8181
Media queries
FTI Consulting
+44 (0)20 3727 1000
+27 (0)21 487 9000
Registered address: 6th Floor,
Website: www.mediclinic.com
Corporate broker:
JSE sponsor (
NSX sponsor (
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