Promisia Healthcare (PHL) H1 2025 earnings summary

Executive summary

• Achieved record first half operating revenue of $13.0m, up 18% year-over-year, driven by improved occupancy, new certifications, and strategic acquisitions.

• Completed acquisition of Golden View Lifestyle Village and Ripponburn Home and Hospital in Cromwell on 29 August 2024, expanding the facility network and adding significant capacity.

• Sold Eileen Mary care facility for $6.1m, recycling capital into new acquisitions and improving liquidity.

• Strengthened balance sheet through refinancing with BNZ, a $4.7m capital raise, and share/warrant consolidation (500:1).

• Board changes included new director appointments and expanded operational roles to support integration of new acquisitions.

Financial highlights

• Operating revenue (excluding gain on purchase) grew 18% to $13.0m compared to the same period last year.

• EBITDAF (excluding gain on purchase) increased 56% to $1.9m year-over-year.

• Net profit before tax was $5.5m, with profit after tax of $5.8m (HY24: $(0.2)m), including a $5.2m gain on Cromwell facility purchases.

• Net assets at period end were $35.2m, up 77% year-over-year; borrowings increased to $46.8m due to acquisitions.

• Net tangible assets per share rose to 72 cents, up 57% year-over-year.

Outlook and guidance

• Focus for 2H25 is integration of Cromwell facilities, with expected efficiencies and cost savings.

• Anticipates significant uplift in earnings in 2H25, with double-digit growth from existing operations and new acquisitions.

• FY25 group EBITDAF expected to be upwards of $4.2m (FY24: $3.8m).

• Continued focus on maximizing occupancy and operational improvements to enhance valuations.