Future expansion on the cards for a fit Healthia
Written on the 2 September 2019 by Business News Australia
For growing allied health company Healthia (ASX: HLA) FY19 was a year of establishing a solid foundation.
The financial year was Healthia's first as an ASX listed entity, and the team has knocked its own expectations out of the park.
Underlying revenue exceeded its prospectus forecast by 6.6 per cent, EBITDA was ahead of its prospectus forecast by 13.6 per cent, and the underlying NPAT was ahead of the forecast by 2.2 per cent.
According to chairman Glen Richards the base for future growth is now well and truly in place.
"FY19 was the foundation year for Healthia which saw our time and effort spent on the integration of our existing, and newly acquired, clinics," says Richards.
"We can now look forward with confidence that we have built a strong foundation to acquire further quality businesses and continue to evolve our corporate support to ensure optimal workplaces for our growing network of clinicians which help us to deliver exceptional patient outcomes."
During FY19 Healthia recorded a NPAT of $4.9 million, up 2.2 per cent from FY18.
The company also saw its EBITDA increase by 13.6 per cent to $11.7 million, and its revenue increase by 6.6 per cent to $76.6 million.
The FY19 results are the first for the company since listing on the ASX in September 2018.
Since the listing the company has raised capital of $34.4 million and seen organic revenue growth of two per cent.
At the time of listing on the ASX the company had a network of 104 allied health businesses. Healthia has been on an acquisition spree since listing, and has now grown to 133 since September 2018.
The company intends to continue to expand its network of podiatry, hand therapy, and physiotherapy clinics during FY20. It expects to deploy $15 million of capital for new allied health business acquisitions in FY20, with $10.5 million already deployed in the financial year to date.
In addition to its FY19 results, Healthia has confirmed that the acquisitions of three physiotherapy clinics, four hand therapy clinics, and six podiatry clinics announced in July have been settled.
Business News Australia
Author: Business News Australia