Mediclinic beats profit forecasts but warns Middle East improvement will take years:
"FTSE 100 hospital operator Mediclinic reported better than expected profits for the year to March 31, but it warned that stabilising its troubled new business in Abu Dhabi is likely to take a number of years. Revenues rose by 30 per cent to £2.7bn thanks to the £1.4bn purchase of the Abu Dhabi business, in line with analyst expectations. Profit before tax increased 25 per cent to £307m, roughly in line with expectations, but the the company’s preferred performance measure – underlying earnings before interest, tax, depreciation and amortisation – came in ahead of consensus forecasts. Underlying ebitda rose 17 per cent compared to the previous year to £501m, compared to forecasts of £484m."
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