13th March 2024
The Millbrook Healthcare Group has today published its financial statements for the year to June 2023.
Tim Jones, Group Finance Director, said “I am very pleased to publish these results today on behalf of the Millbrook Healthcare team. Following the sale of our Wheelchair Services division, we have been able to materially reduce the indebtedness of the group and place us in a strong financial position. Demand for the group’s products and services remains high and I look forward to a great future for Millbrook Healthcare”.
Notes on the financial statements
The following sets of accounts are available on the UK Companies House website:
Millbrook Healthcare Holdings Limited
The company at the top of the ownership structure is Millbrook Healthcare Holdings Limited and the accounts for this company show the consolidated overall numbers for the whole of the Millbrook Healthcare group.
Millbrook Healthcare Limited and Ultimate Healthcare Limited were the main trading subsidiary companies; we have also recently started a new trading company, Livity Life Limited and accounts for this company will be filed for the following year.
Millbrook Healthcare Holdings Limited provides financial support to all its subsidiaries so to understand the financial position of Millbrook Healthcare, it is best to look at the Millbrook Healthcare Holdings Limited accounts.
Key financial points include:
- Revenue of £150m and EBITDA profit of £3.6m.
- The business sold its Wheelchair Services division in April 2023; whilst this has reduced ongoing revenues and profitability, the sale proceeds were used to pay off the £33m of bank debt that was previously owed, so the business is no longer under pressure from the lenders for this debt.
- We had £36m of loan notes that are owed to the shareholders; this is the investment by our shareholders, and they would never ask for any of it to be repaid unless the company could afford it, and no cash interest is paid. These loan notes should therefore not be seen as a liability that affects the day-to-day trading or cash position of the business.
- The Group has positive net current assets of £8.5m (being a quick working capital ratio of 1.28) and, excluding the shareholder loan notes, over £30m of net assets.
- Note 27 in the financial statements shows net debt of £6.8m to third parties (ie excluding shareholders) which principally comprises a low-risk invoice discounting facility. This is a material reduction compared to the £32m of net debt at the previous year end.
