Bupa Group, the private health insurance and health care services provider sets out below its unaudited results for the six months to 30 June 2009 (‘the period’).
Hightlights :
- Revenues up 26% to £3.38bn (organic growth 5%, acquisitions 16%, foreign exchange movements 5%)
- Surplus before taxation up 1% to £163.8m despite generally higher levels of insurance claims
- Underlying surplus before taxation(1) up 7% to £174.9m
- Strong cash flow from operating activities, up 74% to £328.2m
- Total customer numbers broadly unchanged since year end at 10.3 million
- Tight cost control in Care Services has reduced the impact of pricing and occupancy pressures
- Integration of major acquisitions is on track
- Gross borrowings fell £252.9m to £1,605.0m and leverage reduced from 34% to 31%
- Successful £350m/7 year bond issue in July used to repay bank borrowings
Commenting on these results, Ray King, Chief Executive said:
“Bupa has delivered a good trading performance in the first six months of 2009 despite the weak global economy. Our insurance businesses have performed well notwithstanding higher claims and in Care Services tight cost control has helped offset pricing and occupancy pressures. Our surplus has also benefited from stronger financial markets and the relative weakening of sterling compared with last year. Cash generation remains very robust and we strengthened The balance sheet in July 2009 through a £350m long term debt issue. The integration of the 2008 acquisitions is progressing well and we continue to have an active programme of organic development across the Group. Bupa continues to invest in strengthening its core capabilities and we see many opportunities for future growth.”
The full report is available here
