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Thursday, 13 April 2017

Mediclinic’s Middle East arm still struggling, but margins better than expected

Mediclinic’s Middle East arm still struggling, but margins better than expected:

"Things still aren’t looking great at Mediclinic’s recently-acquired Middle East business, but they’re not quite as bad as the FTSE 100 hospital operator thought, according to its latest trading update. Mediclinic bought a group of hospitals in Abu Dhabi in 2015 via a reverse takeover of Al Noor, but integrating the purchase has proven harder than the company expected. In February the company, which also runs private hospitals in Switzerland and southern Africa, warned that full-year revenues and profit margins at the unit would be lower than previously forecast. In a pre-close trading update today, however, it said full-year revenues from the Middle East business fell in line with February’s guidance, but said its underlying profit margin was not quite as low as expected, at between 10.5 per cent and 11.5 per cent."



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