Financial Highlights
Strong reported growth of 12.0%, increasing revenue to £192.1 million
Underlying revenue growth, excluding currency effects, increased by 9.0%
Adjusted operating profit increased by 9.8% to £29.2 million
Adjusted EBITDA increased by 10.4% to £51.2 million
Interim dividend increased by 8.5%, reflecting growth in underlying earnings
Net debt decreased to £168.8 million from £177.3 million at 31 March 2013
Operational Highlights
Four new contract wins in UK & Ireland linen business valued at £2.1 million per annum.
Strong growth in AST in Europe & Middle East. Facility closures, process re-engineering and management changes in response to continued weakness of Dutch linen market
As preferred bidder, negotiations with a large US hospital organisation for an HSS outsourcing contract are at an advanced stage
Signed an outsourcing contract with Suzhou Kowloon Hospital, contributing to HSS China revenue growth of 20.1%. Good progress on other opportunities and widening of commercial relationship with Sinopharm
Investing in innovation to further differentiate our offering and improve competitive advantage
Outlook
Our strategy to invest in the US and Asia is showing signs of working well, supported by positive progression of opportunities
Continued investment in business development expected to support future growth
The Group is proceeding in line with the Board's expectations for the full year
Richard Steeves, Chief Executive of Synergy Health, said:
"The progression of opportunities in the US and in Asia supports our ability to grow and develop our HSS business in these regions, which I believe will be a catalyst to future strong organic growth. In parallel, we continue our expansion of our global AST network through organic growth and acquisition."
