Mediclinic Intnl plc - Pre-Close Trading Update
Company Number: 08338604
LSE Share Code: MDC
JSE Share Code: MEI
NSX Share Code: MEP
PRE-CLOSE TRADING UPDATE
Operational and corporate highlights
· Continued strong patient growth across all operating platforms at stable margins
· Successful completion of the combination of
· Group net debt for the year end is expected to be below
· Acquisition of 29.9 % of
Group trading for the eleven months ended
Total revenues have grown to R12, 264 m and patient bed days by 3.6 %. Excluding the contribution of Mediclinic Midstream, which was opened in
For the period under review, 2 day clinics were opened in Limpopo and Durbanville as well as 80 additional beds created in Pietermaritzburg, Cape Gate,
Total revenues have grown to
For the period under review 10 new inpatient beds were created in Hirslanden Klinik Aarau, and 24 new inpatient beds and an emergency room completed at Hirslanden Klinik Stephanshorn. New outpatient facilities were opened in Düdingen (canton of Fribourg) and a radiology institute in Lausanne, as well as a new day clinic and hybrid operating theatre at Hirslanden Clinique Cecil. A radiology unit and consulting rooms were completed at Hirslanden Klinik Birshof. Technology investments at a number of hospitals were also completed in line with previous growth project guidelines.
Al Noor operating performance is in line with management's expectations.
The integration of the Al Noor and
The 40 bed
Mediclinic / Al Noor combination
The Mediclinic and Al Noor combination was concluded on
Group debt increased by drawing
The Mpilo trusts were created in 2005 as part of a 10 year group Black Economic Empowerment initiative. The underlying shares were successfully sold in two book building exercises previously announced in
"This is Mediclinic's first trading update following our entry into the FTSE 100. We are pleased to announce trading for the 11 months to the end of February has been in line with management's expectations. The Group continues to deliver against its key performance indicators with growth in patient activity across all platforms at stable margins. With the Al Noor transaction completing on 15 February, we are now focused on the smooth integration of the business.
We expect the increase in demand for cost-effective quality hospital services across all our operating platforms to continue leading to further volume growth and increasing clinical complexity. Each platform has different challenges and all have specific opportunities. However, in line with industry trends, we are continuing to see the impact on our business of ongoing regulatory initiatives and increasing competition. We strive to differentiate ourselves from our peers in terms of our focus on patients, quality and safety. Leveraging on our Group strength, our platform distribution and our combined knowledge will allow us to unlock further benefits for both patients and shareholders."
Full Year Results Announcement
The Company expects to make the announcement of its preliminary results for the financial year ending
Conference Call Details
A conference call hosted by
The dial-in details are below:
+44 (0) 20 3059 8125
Participants should state they wish to join the Mediclinic Trading Update conference call. No password is required.
Registered address: 1st Floor,
For further information please contact:
+27 (0)21 809 6500
+44 (0)203 772 2468
This information is provided by RNS