2018 Full Year Results

Mediclinic announces its results for the year ended 31 March 2018 (the “reporting period” or “FY18”)

  • Group operational results marginally ahead of expectations
  • Strong second half performance in Abu Dhabi
  • Continued strong performance in Southern Africa and Dubai
  • Hirslanden adapting to changing regulatory environment
  • Proposed final dividend maintained at 4.70 pence per share
  • Current trading in line with management expectations; guidance remains unchanged

Group Financial Results

  • Revenue up 4% to GBP2 870m; up 3% in constant currency terms
  • Adjusted EBITDA up 3% to GBP515m; flat in constant currency terms
  • Operating loss of GBP288m, impacted by non-cash Hirslanden impairment charges and other exceptional items; adjusted operating profit up 3% to GBP370m
  • Reported loss of GBP492m, impacted by non-cash Spire impairment charge and other exceptional items
  • Adjusted earnings per share up 1% to 30.0 pence; reflecting lower income from associates Cash conversion at 90% of adjusted EBITDA (FY17: 98%)
  • Proposed final dividend maintained at 4.70 pence per share; total dividend for the year 7.90 pence per share

Danie Meintjes, CEO of Mediclinic, today commented:

“We were pleased with the Group’s performance this year given the various market and regulatory trends in each division. A key achievement was the strong second half performance in Abu Dhabi which, combined with the continued strong delivery in Dubai and the exciting expansion opportunities ahead, is laying the foundations for further growth across the Middle East division.

“The Southern Africa division delivered second half revenue growth and EBITDA margin improvement ahead of expectations for the year. In Switzerland, Hirslanden is adapting to the changing market and regulatory environment, absorbing the initial impact of these changes. Both divisions benefited from cost saving programmes and productivity initiatives implemented during the year.

“Current trading is in line with our expectations and the guidance for FY19 remains unchanged.

“As I approach my retirement as CEO of the Group, I would like to wish my successor, Dr Ronnie van der Merwe, and the team well. Having worked with Ronnie for many years, I firmly believe that he is the right person to lead Mediclinic through its next stage of growth and deliver on the many opportunities ahead. I look forward to continuing to support the Group as a non-executive director."