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Prices & Quotes - UK Markets - Spire Healthcare Group (SPI)

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Share Price:
Up 233.50p
Change Today:
3.00p
Market Cap:
936.58m
Sector:
Medical Equipment and Services

Spire Heathcare lifts revenue guidance despite Covid costs

By Frank Prenesti

Date: Thursday 09 Sep 2021

LONDON (ShareCast) - (Sharecast News) - Independent hospital group Spire Healthcare said it expected annual revenue to be "materially ahead" of 2019 as it swung to a half-year profit despite higher costs due to the Covid pandemic.
Spire said UK admissions in July and August had been impacted by a surge in the Delta variant of the virus which led to last minute cancellations as patients, staff and consultants were forced to self-isolate. Higher labour costs hit core earnings by an average 4m during the two months.

Pre-tax profit for the six months to June 30 came in at 4.7m compared with a 231m loss a year earlier, but still 51% lower than 2019 before the pandemic struck. Revenue rose 38.9% year on year to 558.2m.

Spire said it expected Covid-related costs to be offset by improvements in testing and progressive efficiency measures providing a platform for margin expansion in 2022.

"Given the positive underlying trends, we are confident 2021 revenue will be materially above 2019," the company added.

It also expects core earnings to recover from the July and August levels to trade in line with 2019 over the last four months of the year, assuming Covid cases do not rise materially.

"Should it do so, the operating impacts seen in July and August could prevail for the rest of the year," Spire said.

Chief executive Justin Ash said the company had seen "unprecedented" demand from private patients as National Health Services waiting lists climbed due to a backlog for routine treatments.

"We are of course experiencing material additional costs arising from the complexities of delivering safe care in a Covid-secure environment, which will continue as long as Covid case numbers remain high in the UK."

"However, we have successfully driven down the cost of COVID testing and our continued investment in digital systems and efficient pathways will deliver significant cost savings in 2022 and beyond."

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SPI Market Data

Currency UK Pounds
Price 233.50p
Change Today 3.00p
52 Week High 254.50p
52 Week Low 146.60p
Volume 136,845
Shares Issued 401.10m
Market Cap 936.58m
Beta 0.05

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What The Brokers Say

Strong Buy 2
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 3
strong_buy
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SPI Dividends

  Latest Previous
  Interim Final
Ex-Div 14-Nov-19 30-May-19
Paid 10-Dec-19 25-Jun-19
Amount 1.30p 2.50p

Trades for 26-Jan-2022

Time Volume / Share Price
10:56 11 @ 234.00p
10:48 300 @ 233.50p
10:29 1,692 @ 234.49p
10:29 417 @ 233.50p
10:29 449 @ 234.00p

SPI Key Personnel

CEO Justin Ash
CFO Jitesh Himatlal Sodha