Strong demand boosts earnings at Spire
By Abigail Townsend
Date: Thursday 08 Sep 2022
(Sharecast News) - Spire Healthcare reported a jump in earnings on Thursday, as demand for private treatments boomed.
The private hospital operator saw revenues in the six months to 30 June rise 7% to £597.9m, while adjusted earnings before interest, tax, depreciation and amortisation were ahead 10.2% at £105.8m.
Operating profits rose 6.1% to £49.0m, although one-off costs saw pre-tax profits ease to £3.0m from £4.7m.
Spire said it had benefited from "strong" demand for private healthcare, with private revenues ahead nearly 22%, including high growth in self pay. Private GP services also performed well, with volumes ahead 69%.
Looking to the current half, the FTSE 250 firm - which has 39 private hospitals and eight clinics - said there was "significantly increased demand for healthcare, with 6.7m people nationally awaiting treatment".
Justin Ash, chief executive, said: "Fundamental changes are underway in UK healthcare, leading to strong growth in Spire's private revenues across both self-pay and private medical insurance.
"Our revised strategy leaves us well position to continue to meet the nation's growing healthcare needs."
As at 0900 BST, shares in Spire were ahead 1% at 235.0p.
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