(Sharecast News) - Social care and educational services firm CareTech traded in line with expectations after the group's acquisition of Cambian delivered a substantial increase in both earnings and revenues.
CareTech said on Thursday that earnings before income, tax, debt and amortisation margins had matched market expectations as margins in its Cambian business, which it acquired in October 2018, showed considerable improvement year-on-year.
The AIM-listed firm stated that operational improvements and synergies were being delivered in line with the plan set out at the time of the acquisition and noted that OFSTED quality ratings for Cambian had improved under its ownership.
CareTech also said it continued to perform "strongly" on all key metrics with quality ratings and staff retention remaining higher than sector averages.
Chairman Farouq Sheikh said: "This has been a year of transformational change within the group and I am pleased to report that we are delivering all of our key objectives including the integration of the Cambian business and the improvements in its EBITDA margin, whilst delivering on the synergies we set out in our plan and maintaining focus on our core business."
As of 1300 BST, CareTech shares were up 3.88% at 395p.
23 Sep 2022 21:02
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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
