
(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")
2022 Half-Year Trading Update
Mediclinic, the diversified international private healthcare services group, provides the following trading update ahead of the publication of the Group's results for the six months ended
Summary
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Group revenue up 12%; ahead of pre-pandemic levels across all three divisions |
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Material recovery in Group EBITDA margin to around 15.5% (1H21: 12.1%) |
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Commenting today, Dr
"I'm pleased with how the Group continues to effectively navigate the ongoing impact of the pandemic - and we are thankful to our medical professionals and employees without whom this would not be possible. Their exemplary efforts and commitment, combined with our clinical protocols, have enabled us to safely meet the ongoing demands for our healthcare services, continue to deliver on our Group operational and strategic goals and, recover to pre-pandemic revenue at all three divisions.
"
"The strong first-half delivered by
Group overview
Despite the continued impact of and uncertainty presented by the pandemic, the Group delivered a 12% increase in revenue compared with 1H21. The performance was driven by a recovery in patient activity across all three divisions. Compared with pre-pandemic 1H20, revenue was up in all three divisions and 4% at the Group, with
The Group delivered an EBITDA margin of around 15.5% (1H21: 12.1% and 1H20: 16.6%), benefitting from margin improvements at all three divisions compared with 1H21. Effective cost base management is an ongoing Group priority, including the current impact of COVID-19-related costs. Various initiatives have been established to support the return towards pre-COVID-19 profitability at all divisions.
The Group's cash conversion2 continued to improve, at around 100% in 1H22 (1H21: 42%; FY21: 77%), in line with the targeted 90-100%.
The Group's ongoing financial discipline and resilience were demonstrated by the increase in cash and available facilities during the first half of the year, to around
Further details on 1H22 performance and the outlook will be provided with the half-year results.
Financial performance
Note: All 1H22 figures represent the latest financial estimates and are approximates. None of the figures have been reviewed and reported on by Mediclinic's external auditors.
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1H22 |
1H21 |
1H20 |
1H22 vs 1H21 |
1H22 vs 1H20 |
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% movement |
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Group |
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Reported revenue (GBP'm) |
1 580 |
1 411 |
1 515 |
12.0% |
4.3% |
EBITDA margin (%) |
15.5% |
12.1% |
16.6% |
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Revenue (CHF'm) |
910 |
853 |
871 |
6.7% |
4.5% |
EBITDA margin (%) |
14.5% |
13.7% |
16.2% |
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Inpatient admissions (movement) |
- |
- |
- |
3.2% |
2.2% |
GBP/CHF average FX rate |
1.27 |
1.19 |
1.25 |
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Revenue (ZAR'm) |
9 380 |
6 972 |
8 578 |
34.5% |
9.3% |
EBITDA margin (%) |
18.5% |
8.2% |
20.8% |
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Paid patient days (movement) |
- |
- |
- |
29.2% |
(3.1)% |
GBP/ZAR average FX rate |
19.95 |
22.04 |
18.28 |
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Revenue (AED'm) |
2 000 |
1 760 |
1 616 |
13.6% |
23.8% |
EBITDA margin (%) |
14.0% |
12.7% |
12.6% |
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Inpatient admissions and day cases (movement) |
- |
- |
- |
21.2% |
17.2% |
Outpatient cases (movement) |
- |
- |
- |
24.3% |
6.4% |
GBP/AED average FX rate |
5.10 |
4.65 |
4.62 |
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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.
2 Measures conversion of adjusted EBITDA into cash generated from operations.
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 healthcare 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 makes 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 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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