Updates

Spire Healthcare

November 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.

The shares fell sharply as although Spire’s first half results were in line, with revenues up 2% to £481m and EBITDA down 1.5% to £83.2m (reflecting start-up costs at two new hospitals), it has cut full year expectations significantly. This was blamed on slower NHS referrals over the summer.JP Morgan Cazenove notes the NHS is taking further measures to manage its budgets through allowing expansion of waiting lists for elective procedures. While some of these will elect to self-fund and longer-term the Government is likely to put more money in NHS budgets, the initial result is negative for Spire.The broker has lowered its EBITDA estimate from £162m to £152m (eps: 15.0p) for this year and from &po ...

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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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