Acquisitions help CareTech grow

Specialist social care services provider CareTech says that capacity growth in the year to September 2010 is above expectations thanks to a combination of acquisitive and organic growth. AIM-quoted CareTech's occupancy rates for established homes are between 92% and 93%. Trading is in line with expectations and CareTech is on course to report a 2009-10 profit of £18.5m. CareTech has made six acquisitions in the year to September 2010, increasing capacity by 278 places. The latest three acquisitions cost a total of £16.1m and they are involved in fostering services, children with complex emotional and behavioural disorders and mental health hospital facilities. CareTech is looking for more acquisitions in order to grow geographically and widen the types of care offered. Net debt was £115m at the end of September 2010. CareTech will report its full year figures on 9 December.