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CareTech underlying pre-tax profits up

Specialist social care services provider CareTech Holdings' underlying pre-tax profits increased by 12.6% to £29.4m in the year to the end of September.

Revenue increased by 11.4% to £166.0m and underlying EBITDA rose by 7.5% to £39.9m.

Overall capacity increased by 215 places to 2,534.

On a statutory basis, EBITDA fell by 13.8% to £35.6m and operating profit decreased by 25.6% to £22.7m.

Net Assets increased by 34.6% to £204.2m (2016: £151.7m) Executive chairman Farouq Sheikh said: 'This has been another exceptionally busy year with one of the highlights being a very over-subscribed share placement which raised £37.4m for acquisitions.

'We utilised some of these funds to acquire Selborne Care in June 2017 whilst we have also accelerated our organic initiatives including property purchases and reconfigurations.

'One of the properties is Beacon Reach which is a substantial Education and Residential facility for ROC NW who recently won the Laing and Buisson Award in Social Care for Children's Services.

'Post year-end, for all staff we have launched a second employee Sharesave Scheme.

'We enter the current financial year with strong underlying cash flow, solid organic growth and a sizeable pipeline of opportunities, which together give us confidence in continue to deliver our exciting growth strategy.'

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