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CareTech sees revenue, earnings 'slightly above' market expectations

By BFN News | 09:09 AM | Wednesday 21 October, 2020


Social care and education services group CareTech said it expected earnings and revenue slightly ahead of market expectations following strong performance in the latter part of the year in its subsidiary in the United Arab Emirates. CareTech said it would announce revenue, adjusted earnings before interest, taxes, depreciation and amortisation, or EBITDA, and cash conversion 'slightly ahead' of market expectations for the year ended 30 September 2020. Adult's services increased 30 places to 1,997, up from 1,967 seen in March, while children's Services increased to 1,959 from 1,948. Fostering decreased to 1,028, from 1,129 due to 'the blocked beds as a result of Covid-19 and some foster parents leavers,' the company said. Net capacity as at 30 September 2020 decreased to 4,984 places from 5,044 places in March due to a 'decline in capacity within our fostering division,' it added. At 9:08am: (LON:CTH) Caretech Holdings PLC share price was +11p at 469p Story provided by StockMarketWire.com

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