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Claimar Care

  • BY: Andrew Hore |
  • POSTED: 01/12/2008 |

Claimar Care has been an acquisitive business but this year will be a period of consolidation.

Revenues grew from £22.3m to £52.6m in the year to September 2008. Failure to attract new staff and retain existing staff hampered the progress of the home carers provider.

Recruitment is improving and this is enabling Claimar to increase the number of hours it supplies. Claimar lost three small contracts last year but it is confident it will hang on to the main contracts up for renewal this year.

Underlying profits improved from £2.13m to £2.95m. Earnings per share fell from 6.06p to 4.26p a share.

Net debt is £20.1m. Claimar had potential problems keeping within its banking covenants but these have been changed. However, the interest charge has increased.

Management has high hopes of its new PharmAssured business. It is a dispensing business that delivers drugs to people in their homes. The service can be offered to Claimar clients and those of the competition. The business is expected to lose £120,000 in the current year.

Profits are forecast to improve to £3.7m this year. This forecast has been edged downwards to take account of higher interest charges.

The shares recovered 1p to 10.25p each, which values Claimar at £5.12m. The shares are trading on less than three times underlying earnings per share.

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