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Last checked at 
9 Feb 2016 07:00
9 February 2016
Circle Holdings plc
("Circle", the "Company" or "Group")
Trading Update
Circle Holdings plc (LSE: CIRC), the employee co-owned healthcare group, issues the following trading update* ahead of announcing its results for the financial year ended 31 December 2015.
Group Performance FY 2015
During the financial year, Circle exceeded management expectations for both Group revenue and EBITDA, with all assets delivering improved results year-on-year.
2015 saw an increase in both patient volumes (c.8%) and revenue (c.15%) across the Group. EBITDA pre-exceptionals delivered an improvement of over 50% compared to 2014. All sites excluding CircleReading are now operating on an EBITDA positive basis.
The Group ended 2015 with a cash balance of £15.0m.
2016 Market and Company Outlook
Our Bath, Reading and Nottingham hospitals expect to see continued growth in NHS volumes as well as increased self-pay patient volumes. PMI volumes and revenue are anticipated to remain flat in 2016.
The Circle Bedfordshire MSK Service continues to demonstrate the advantages of integration and subsequent clinical improvements and financial benefits to the NHS. It has made significant inroads in reducing the number of medically unnecessary surgical procedures and increasing community-based treatment in 2015 and further progress is expected in 2016. As we establish more tangible results on MSK we believe that other CCGs will begin to look for similar cost efficiency programmes in 2016.
Work on CircleBirmingham, the Group's fourth new-build hospital, is progressing. The anticipated construction start date is Q2 2016 with a view to opening a larger facility than was originally anticipated. Construction financing discussions are progressing well and the Group will announce details to the market in due course.
Results Date
The Company will announce its results for the 2015 financial year on 30 March 2016. An analyst briefing will be held at the offices of Numis, 10 Paternoster Square, London, EC4M 7LT.
For further information, please contact:
Circle Holdings plc
Michael Kirkwood, Chairman
Steve Melton, Chief Executive Officer
Paolo Pieri, Chief Financial Officer
Elizabeth Matthews, Investor Relations Lead
Tel: +44 207 034 5250
Numis Securities Limited
Nominated Advisers
Michael Meade, Richard Thomas
Corporate Broking
Alex Ham, Ben Stoop
Tel: +44207 260 1000
* Based on unaudited results for the year ended 31 December 2015
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