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CareTech Holdings PLC  -  CTH   

AGM Statement and Trading Update

Released 07:00 12-Feb-2013

RNS Number : 6469X
CareTech Holdings PLC
12 February 2013
 



For immediate release

12 February 2013

 

 

 

CareTech Holdings PLC

("CareTech" or the "Group")

 

AGM Statement and Trading Update

 

CareTech Holdings PLC (AIM: CTH), a leading UK provider of specialist social care services, is holding its Annual General Meeting at 10.00am today.

 

At the meeting Executive Chairman, Farouq Sheikh, will make the following statement:

 

"I am pleased to report that CareTech's trading performance in the year to date is in line with the Board's expectations.  

 

Demand for our services remains at a good level and the new schemes planned for opening in 2012/13 are progressing well.

 

As usual for this time of year there are a number of ongoing fee discussions with local authorities. Whilst it is very early in this process, initial indications are that the current fee environment is consistent with our expectations which are for minimal change on 2012.

 

The Board's view is that CareTech's continued development of its diversified care pathway model to provide high quality children and adult care, based on value for money outcomes, and the expanding breadth of its service offering, position the Group favourably in the current public sector funding environment.

 

As set out at the time of our "Leaders in Social Care" investor workshop in October and our year end results, CareTech's structure enables the Group to support a growing number of clients. Our strategy of focussing on organic initiatives and small bolt-on additions will allow CareTech to continue to grow sustainable earnings through the re-investment of the Group's strong operating cashflow. The Board will continue to apply the same rigorous appraisal metrics in assessing the pipeline of opportunities available to the Company.

 

A further trading update will be provided ahead of the Company entering a pre-close period in respect of the publication of its interim results in June 2013."

 

ENDS

 

 

For further information, please contact:

 

CareTech Holdings PLC                                                       01707 601800                          

Farouq Sheikh, Executive Chairman      

Michael Hill, Group Finance Director

 

Buchanan Communications                                               0207 466 5000              

Diane Stewart                      

Carrie Clement  

Karyn McShane                  

                                          

 

Panmure Gordon (NOMAD)

                               020 7886 2500

Fred Walsh


Charles Leigh-Pemberton

Grishma Patel




WH Ireland

                               020 7220 1666

Adrian Hadden


James Bavister


                          

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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AGM Statement and Trading Update - RNS