(Sharecast News) - Social care provider CareTech said its first-half performance was in line with market expectations as both revenues and margins were "stronger" than they had been a year earlier.
CareTech, which said it was on track to deliver a total of ?5m in pre-tax profit synergies for the year ended 31 September, also confirmed its final dividend of 7.95p per share despite the "unprecedented times" in which it was trading.
The AIM-listed group also stated it continued to have a strong active pipeline of investments in new properties and bolt-on acquisition opportunities and added it would look to deploy free cash flow whilst remaining committed to reducing net debt/ EBITDA in the medium-term to under three times.
CareTech highlighted that the negative financial impact to date of Covid-19 had been minimal so far and said it does not foresee that changing despite uncertainty surrounding the pandemic.
As of 1300 BST, CareTech shares were up 5.41% at 390p.
21 Oct 2020 10:07
CareTech ends year ahead of expectations
(Sharecast News) - Specialist social care and education services provider CareTech Holdings reported "robust" trading in an update on Wednesday, with results for the year ended 30 September ahead of market expectations.
Read more