Earnings down at Darlington home care company

Feb 9 2010 By The Journal

DARLINGTON-based Southern Cross Healthcare said its first-quarter adjusted earnings fell slightly, due to a 2.4% drop in average occupancy rate.

The UK's largest care home operator, which increased fees for privately funded residents at an average of 3.7% from February, said its service quality was improving ahead of expectations.

For the period from September 28 to December 31, Southern Cross had adjusted earnings before interest, tax, depreciation and amortisation of 14.9m, compared with 15m a year ago.

Revenue rose 3 % to £248.3m. Average group occupancy rate across all homes fell to 86.4% from 89.2%.