CARE homes operator Southern Cross Healthcare yesterday reported a dramatic decrease in losses as it continued to expand nationwide.
The Darlington plc unveiled pre-tax losses of £600,000 for the 26 weeks to April 1, compared to £12.4m in same period last year, while revenue climbed 17 per cent to £336.3m.
Sourthern Cross said it had continued to expand, having bought ten new homes and added 470 beds to its portfolio. The group now operates 652 homes and 33,031 beds.
Chief executive Philip Scott said the company had experienced a successful period of growth.
He said: "The fundamentals in our sector remain strong and we fully expect to be at the forefront of consolidation activity in what remains a fragmented industry."
During the first half of the year, Southern Cross completed seven new development projects and yesterday announced the opening of two further facilities, with 141 beds. The group expects to open a further six facilities, with 400 beds, by the end of the financial year.
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