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Authoritative Independent Monthly Share Selections Using Technical & Fundamental Analysis

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Spire Healthcare - Lack of NHS funding reduces referrals

October 2015

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.

  • Epic Code:
  • SPI
  • Price:
  • 347p
Having hit £4 the shares pulled back after interims even though turnover and pretax profit rose a better than expected 16% and 18% respectively to £450m and £37.5m. Eps increased by 19% to 9.4p in spite of a higher tax charge, while net debt was £420m (2.5x EBITDA).Underlying revenues in private medical insurance declined 1% to £221m, due to a shift in mix towards lower value daycare admissions, while self-pay rose 8% to £77m.On the NHS side revenues rose 14% to £136m but what caused the shares to fall was that management now expect unchanged revenues in the second half due to a slowdown in NHS referrals for outpatients, caused by NHS funding shortages. JP Morgan Cazenove expects this ...

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