By Phil Boeyen, ShareChat Business News Editor
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Friday 10th August 2001 |
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The result for the full year ended May compares with last year's profit of $5.55 million. Sales for the year improved from $21.5 million to $34.1 million.
Eldercare says the deficit comes after accounting for a number of non-cash and one-off restructuring costs associated with its repositioning into the wider health care market.
"This is in line with statements made at the company's annual meeting in November 2000 and updated in the company's half-year report to shareholders," says CEO Alan Clarke.
"The financial performance of our core operations was ahead of last year with revenues from core operations up 69% at $34.1m and Ebit from core operations up 36% at $3.4 million."
Mr Clarke says since the company announced its planned repositioning last year, restructuring and asset sales have yielded in excess of $8 million.
"This together with operating cashflow has been applied against debt to improve the balance sheet's capacity to support expansion into the wider healthcare market.
"As a consequence we have now reduced the company's debt from a peak of $49.3 million to $41.2 million at period end and we are planning to realise a further $6 million from the divestment programme in coming months."
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