News blog
Company Health Group
- BY: Andrew Hore |
- POSTED: 14/07/2008 |
Shares in Company Health Group have returned from suspension.
The shares recovered 0.125p to 1.375p, following the release of the occupational health and physiotherapy services provider’s 2007 results. The shares were suspended on 30 June because the results hadn’t been published in the required timeframe.
Acquisitions at the end of 2006 helped turnover jump 91% to £8.4m while pre-tax profit more than doubled to £182,000. Higher trade debtors meant that that was an operating cash outflow.
The 2007 figures were struck after a provision for potential unpaid VAT by recruitment business Cheviot Recruitment. This will reduce the earn-out liability for the business and the earn-out provision in the accounts has been cut from £852,000 to £500,000.
Company Health plans to raise cash through convertible debt and equity to help pay deferred consideration, repay its loan facility and provide working capital. A loan due on 30 June has been extended to 1 September. Management is confident that they will be able to raise the cash that they need.
Management admits that trading conditions in 2008 are likely to be difficult. New business is being won and margins maintained. However, Diagnostic Technologies is withdrawing from product sales.
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