Market Update and Guidance
Following a strong year end period, Abano Healthcare Group today provided updated guidance to the market for the full year to 31 May 2007.
With the recent acquisitions in its Diagnostics, Dental and Audiology sectors, combined with a stronger than expected performance of the Group over the last two months, the board has now revised its guidance for the full year to 31 May 2007.
Revenues for the full year are now expected to be $90.0 to $90.4 million (previously $85 to $87 million), Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of $13.7 to $14.1 million (previously $12 to $13 million) and Net Profit After Tax $4.9 to $5.1 million (previously $4.2 to $4.7 million).
Managing director of Abano, Mr Alan Clarke, said: “Abano has continued to make excellent progress over the past few months, both with an improving operational performance and with the integration of the recent acquisitions.”
During the last two months of the financial year, Abano made several acquisitions including two dental clinics in New Plymouth, and two audiology clinics in the Waikato and in Taranaki. These followed the acquisition of a second radiology business in February 2007, Greenlane Imaging in Auckland, which will operate as a subsidiary of the Group’s existing business, Ascot Radiology. In addition to this, Abano announced on the 31st of May, that it had exercised its option to acquire a further 40% interest in Ascot Radiology.
Abano will be releasing the audited results for the full year to 31 May 2007 by the end of July 2007.
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