Southern Cross still battling against volatile stock market
An interim management statement from the country’s largest residential care home operator Southern Cross Healthcare has had the far from desirable effect of knocking share values down to a new all time low this month in the toughest sign yet that public spending cuts could have a lasting and damaging effect on service providers unable to take the strain.
Southern Cross admitted that the number of residents placed by local authorities continued to drop during the company’s third quarter, adding that there is little hope that this will change as it moves through its final quarter. On top of confirmation that an earlier statement warning that the fees being paid by local authorities were unlikely to increase by any significant amount, projected EBITDA for the full year is expected to be some £7m below previous projections at £53m.

…Continue>>
<<Back

You must be an CCMN subscriber to access all articles including our extensive archive.
Subscribe