Updates

Spire Healthcare

April 2017

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

After downgrading guidance due to NHS tariff cuts and issues at one of its hospitals back in January, Spire duly reported final results showing EBITDA growing just 1% to £162m on revenues up 5% at £926m. Eps rose 5% to 19.2p, helped by lower tax rate of 15% versus a forecast 20%. Net debt was £432m, up from £419m with net debt / EBITDA of 2.7x.The group owns 38 private hospitals, 10 clinics and two specialist cancer centres in the UK and reports across three divisions. Private Medical Insurance revenues declined 1% to £429m while NHS revenues increased 12% to £293m thanks to rising volumes of admissions as the NHS leans on the private sector to cope with higher patient demand. But the picture has ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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