Promisia Healthcare (PHL) H2 2024 earnings summary

Executive summary

• Achieved 10% year-on-year revenue growth to $26.3m, with net profit after tax up 136% to $1.6m compared to FY23.

• Strengthened leadership and governance, including new Chair and key executive appointments.

• Completed Ranfurly Manor development, with all new villas sold or under contract.

• Extended banking facilities and improved terms, reducing interest costs and repaying second-tier lending.

• Positioned for growth with a robust platform, network expansion, and focus on occupancy and quality care.

Financial highlights

• Operating revenue increased 10% year-on-year to $26.3m; government funding comprised 61% of revenue.

• Underlying EBITDAF was $3.8m, down 8% year-on-year due to one-off leadership transition costs.

• Net profit after tax rose to $1.6m, up from $0.7m in FY23.

• Total assets grew 18% to $84.3m; net tangible assets per share increased 37% to 0.126 cents.

• Debt reduced by 6% to $29.2m; net operating cashflow was $7.5m.

Outlook and guidance

• Board and management expect double-digit growth in operating earnings for FY25.

• Continued focus on strengthening the business platform, investing in growth, and maximizing occupancy.

• Confident in continued momentum due to strong foundation and sector demand.