Cape Town - South Africa's biggest private hospital group and sixth biggest in the world, Mediclinic International [JSE:MDC], on Thursday posted a 16% increase in normalised revenue to R19 565m ((2014: R16 828m) for the six months to end-September.
Normalised earnings before interest, tax, depreciation and amortisation (Ebitda) increased by 16% to R3 850m (2014: R3 329m), while adjusted basic normalised earnings per share gained 19% to 214.1 cents.
Margins were stable at 19.7% and cash and cash equivalents at period end were R5 733m, up 20% (March 31 2015: R4 779m). The company announced a 16% rise in its interim dividend per ordinary share to 36.0c (2014: 31.0c).
The company's cash flow continued to be strong and it converted 85% (2014: 111%) of normalised Ebitda into cash generated from operations. Cash and cash equivalents increased from R4 779m at March 31 2015 to R5 733m at September 30 2015.
Among its corporate highlights, the group listed the proposed combination of Mediclinic and Abu Dhabi-based private healthcare provider Al Noor Hospitals Group, which is listed on the London Stock Exchange. The deal remains subject to various conditions, as well as shareholder approval.
Mediclinic also executed a successful R10bn rights issue and acquired 29.9% in Spire Healthcare Group, a leading provider of private healthcare, with 39 private hospitals throughout the UK.
During the six-month period Mediclinic's total investment in capital projects and new equipment was R1 484m across all three operating platforms in South Africa, the Middle East and Switzerland.
Mediclinic CEO Danie Meintjes said the revenue and profits achieved during the period under review demonstrated the success of the group's strategy. "This is against a market backdrop of increasing demand for our services providing geographic expansion opportunities," said Meintjes.
Mediclinic shares traded at R117.50 at 11:30, a 1.67% drop on the previous session's close.