2 Jul 2012 07:00
NMC Health Plc - Pre-close statement and completion of
BR Healthcare Suites acquisition
London, 2 July 2012: NMC Health Plc ("NMC") (LSE:NMC), the leading independent healthcare provider operating across the United Arab Emirates, and recently promoted as a constituent of the FTSE 250 index, today announces a trading update for the period from 31 December 2011 to 30 June 2012 and the completion of the acquisition of BR Healthcare Suites.
Trading Update
NMC expects to report results for the six months ended 30 June 2012 in line with expectations. The Group's net debt position and cash balance as at 30 June 2012 are as projected, with good operational cash generation during the period and capital expenditure as budgeted.
BR Healthcare Suites
In the Company's initial public offering (IPO) prospectus, issued on 2 April 2012, NMC set out the terms of its acquisition of BR Healthcare Suites from the Company's Founder and CEO, Dr B. R. Shetty. The Company is pleased to confirm that the acquisition of BR Healthcare Suites was completed, as scheduled, on 1 July 2012.
BR Healthcare Suites is a high-end specialty day patient medical centre, located in Dubai Healthcare City, and is specifically designed to attract highly experienced doctors from around the world. Its facilities include 21 fully-equipped suites with doctors' offices, examination rooms and state-of-the-art diagnostic facilities. There are four operating theatres designed to provide minimally invasive surgery and other procedures as well as anaesthesiology, orthopaedic surgery, cardio-thoracic surgeries and paediatrics. Healthcare Suites has 25 beds, including ten recovery beds and eight patient rooms, and has 8 employees, excluding doctors hired on an assignment basis.
As announced in the IPO prospectus, the consideration for the acquisition is US$9.0 million in cash and the Company is anticipating capital expenditure of US$5 million on refurbishment and additional equipment required.
Capital Projects
The three material capital projects, currently in development, continue on track as previously reported. The new Maternity Hospital in Abu Dhabi will open in the second half of 2012, with the provision of 50 beds at opening. The day patient centres in Mussafah and Dubai Investment Park also continue on track to open in the fourth quarter of 2012. The cost of each of these capital projects remain on budget.
Management
Following 24 years of service to NMC, Dr. Nambiar, COO of the group's Distribution Division, has decided to leave the group to pursue other career options.
Mr. Binay Shetty, COO, Healthcare Division, has assumed the role of COO for the Group and will continue to work closely with the operational teams of both the Healthcare and Distribution Divisions. The combination of these roles will allow for an integrated view across all the group's operations and a synchronized strategy going forward.
Dr B.R.Shetty, Chief Executive Officer, commented:
"I am delighted with the progress that NMC continues to make following the group's IPO in April 2012. Revenue and occupancy remained strong during the first half and we look forward to developing the Healthcare Suites business further.
Our three new facilities remain on track to open as planned, during the second half of the year, with capital expenditure on budget.
I would like to thank Dr. Nambiar for his long service to NMC and wish him well for the future"
Interim results for the six months ended 30 June 2012 will be issued on 29 August 2012. NMC will host an analyst/investor webcast on that day. Further details will be announced in due course.
Contacts
Investors:
Prasanth Manghat, Chief Financial Officer
Tel: +971 50 522 5648
Media:
Brunswick London
Justine McIlroy/Azadeh Varzi
+44 20 7404 5959
Brunswick Gulf
Steve Martin Wajih Halawa
+971 5 6696 9232 +971 5 0100 9207
Analyst and shareholder call
A call for analysts and investors will take place today, Monday 2 July 2012 at 14:00 BST. Please contact Simon Watkins, at ir@nmc.ae for further details.