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Mediclinic announces 7% revenue growth

Cape Town - Mediclinic International Plc [JSE:MEI] on Wednesday announced 7% revenue growth for the financial year ending March 31 2016, which it attributed to stable margins at 20.3% driving strong underlying earnings growth.


The operating profit is down by 17% from £345m in 2015 to £288m in 2016. During this financial year Mediclinic International acquired the Al Noor Hospitals Group in the United Arab Emirates as well as a 29.9% stake in the Spire Healthcare Group in the United Kingdom. The net debt at year end increased by 14% from £1 353m in 2015 to £1 536m in 2016.

Underlying basic earnings per share rose by 3% to 36.7 pence. The proposed final dividend per ordinary share is 5.24p. Earnings before interest, tax, depreciation and amortisation fell 6% to £382m from £406m in 2015.

The group results exclude those of Al Noor, which will only be included from the effective date of acquisition on 15 February 2016.

CEO: trading in line with expectations

Mediclinic International CEO Danie Meintjes said that trading for the year has been in line with management’s expectations. "With the Al Noor transaction completing on 15 February, we are now focused on the smooth integration of the business,” said Meintjes.

He added that the group expects an increase in demand for cost-effective quality hospital services and increasingly complex clinical services to continue leading to further volume growth.

Mediclinic International operates in southern Africa (South Africa and Nambia), Switzerland and the United Arab Emirates. In SA there are 49 hospitals and two day clinics, in Namibia three hospitals, in Switzerland 16 private acute care facilities and three clinics and five hospitals and 29 clinics in the United Arab Emirates.

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