Eldercare on track for profit

Friday 31st January 2003

Healthcare provider Eldercare reported a $700,000 November first half-profit and said it was on track to meet its $1.4 million forecast for the full year.

The result ended a two-year run of losses for the company, in which Eric Watson's Cullen Investments owns a controlling 53% stake.

Revenue rose 58% to $27.1 million, with growth coming mainly from the company's entry into diagnostics. The aged care and rehabilitation divisions also turned in improved performances.

Managing director Alan Clarke said the 28% annualised revenue growth rate achieved since the company began its repositioning in 2000 was expected to continue into the 2004 financial year and beyond.

Interests costs fell 20% as a result of refinancing and debt reduction.

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