CareTech ups dividend as profits improve

(Sharecast News) - Social care provider CareTech recorded improved profits in its last trading year, leading the group to propose an increase to its full-year dividend.Underlying EBITDA rose 10% to £43.9m, while revenues and pre-tax profits both grew 11.9% to £185.7m and £32.9m, respectively.As a result of the strong trading, CareTech proposed an 11.1% increase of its full-year dividend to 11p.Cash inflows from operating activities improved 39.8% to £30.9m, while net debt was stable at £147m.Chairman Farouq Sheikh, said: "This is a special year for CareTech in achieving a memorable milestone of 25 years in business and also celebrating the 13th year in the public markets."Looking forward, Sheikh added: "I have no doubt that the next few years will see continuing growth and care excellence which will help deliver our target of double digit growth in underlying EPS."As of 1105 GMT, CareTech shares had slipped 2.82% to 344p.