Interim report January-June 2016: Strong financial performance during the period
- Best quarterly- and half year result in the company’s history
- Increased profitability in our Nordic clinics
- Organic growth continues to be good
- Situation analysis in United Arab Emirates completed
Second quarter 2016
- Sales revenues increased to SEK 262.0 million (212.1) and organic growth amounted to 22 percent (6)
- EBITDA amounted to SEK 31.8 million (17.8)
- EBITDA margin amounted to 12.1 percent (8.4)
- Result after tax (EAT) amounted to SEK 20.1 million (8.6)
- Result per share amounted to SEK 0.26 (0.10)
First half year 2016
- Sales revenues increased to SEK 493.5 million (429.7) and organic growth amounted to 14 percent (5)
- EBITDA amounted to SEK 49.9 million (37.7)
- EBITDA margin amounted to 10.1 percent (8.8)
- Result after tax (EAT) amounted to SEK 29.5 million (18.9)
- Result per share amounted to SEK 0.39 (0.21)
We are proud of the fine results and growth in the second quarter. Several of our clinics made great progress at the same time as our new agreement in the United Arab Emirates was in force throughout the quarter and GHP Collaborative Care turned around and made a small profit. Moreover, results were impacted positively by the Easter effect that had impacted us negatively in the first quarter.
Both our spine clinics developed very positively during the quarter. In Stockholm we have had long queues for a long period of time due to demand being greater than the clinic’s capacity. We have now increased capacity at the clinic and early this autumn we should have achieved a good balance between demand and capacity. We have several new spine surgeons starting at the unit. We also continue to have strong development in Skåne and specialist dentistry.
At GHP International we have now completed the situation analysis of the hospitals, where we have gone through the status of all personnel, equipment and premises before we start in September. On the basis of this we have set up a plan for the takeover and the continued development of the business. As we have previously communicated, we are proud of the highly competent management team that we have employed and which will take up their employment in August. The actual agreement has been in force throughout the second quarter, but future payments can be both higher and lower than during this period depending on how our efforts are assessed. We have an optimistic view of our ability to deliver high-quality health care and achieve good results.
GHP Collaborative Care continued to develop and delivered positive results during the second quarter. The collaboration with Skandia is running very smoothly, and this structure has led to very positive development for both parties. We are now launching the next version of our physiotherapy app, which will help our patients with better information and instructions so that it is possible to train more independently at times and places chosen by patient him/herself.
We are continuing to raise the objectives of our quality work. We already have very good results, for example in the national quality registers, but we want to be even better. This year we are introducing a new quality process where we involve the whole business in the setting of the objectives, in action plans and follow-up. The basic idea is that the work on quality will be more concrete, with clearer objectives. Given how the year has started, we feel confident about the rest of the year. We have many exciting projects, but the most important thing is the continued development of the existing business, the takeover of the hospitals in the United Arab Emirates and the continuing work on GHP Collaborative Care.
15 July 2016
GHP Specialty Care AB (publ)
The Board and CEO
Queries should be addressed to:
Daniel Öhman, CEO, Tel: +46 708 55 37 07
Susanna Laursen, Acting CFO, Tel: +46 709 61 64 64
GHP is an internationally active health care provider that operates specialist clinics in a select number of diagnostic areas through the application of a business model that is unique in the health care industry, where leading doctors become partners and shareholders. Each clinic specialises in a particular patient group, and this leads to increased efficiency and higher quality. This is the cornerstone of GHP’s business philosophy – “Quality through specialisation”. GHP shares are traded on the Small Cap list of Nasdaq Stockholm under the ticker symbol “GHP”.
GHP Specialty Care AB (publ) | Corp. ID No. 556757-1103
Södra Hamngatan 45 | SE-411 06 Gothenburg | Sweden
Tel +46-31 712 53 00 | Fax +46-31 313 13 21 | www.ghp.se
GHP Specialty Care AB (publ) is required to publish the information herein according to the Swedish Securities Market Act. This information was published on 15 July 2016 at 8:00 a.m. CET.
This report has not been the subject of review by the company’s auditor.
This is a translation of the Swedish version of the Interim report. When in doubt, the Swedish wording prevails.