LONDON (Alliance News) - CareTech Holdings PLC on Wednesday appointed a new non-executive director and said that it expects to post significant year-on-year rise in first half earnings.
The care homes operator said trading in the six months to the end of March was in line with market expectations and it anticipates a "substantial" increase in revenue and earnings before interest, taxes, depreciation, and amortization compared with the same period last year.
On a like-for-like basis, the performance of the CareTech business was also stronger year-on-year, it said.
"I am pleased to report that CareTech's trading performance for the half year is in line with market expectations," said Executive Chair Farouq Sheikh.
Separately, CareTech said it appointed Moira Livingston, who has been involved in health and social care for 32 years, as a non-executive director with immediate effect. Currently, Livingston is the managing director of the healthcare consultancy, Livingston Ltd.
The company added that Mike Adams will become an executive director with immediate effect. This will enable him to pursue a strategic role within the company and to push forward the Purple business model.
Purple, where Mike acts as chief executive, is 60% owned by CareTech.
"I take pleasure in welcoming Livingston to the board. Moira is hugely experienced in clinical leadership as well in social care, and she will bring a new perspective to our board," added Sheigh.
CareTech expects to appoint an additional non-executive director later in 2019.
The stock was trading flat on Wednesday at 333 pence a share.
