8th January 2025
The Millbrook Healthcare group has today published its financial statements for the year to 30 June 2024. The consolidated financial statements are available here.
Tim Jones, Group Finance Director, said:
“We are very pleased to publish these results today, which show the continued growth in demand for our services and further diversification of our revenue streams.
Turnover for the year was £128m, which is up 8.1% from the prior year. This includes a 5.2% growth in CES to £107m and a very strong 25.5% growth in other business lines to £21m.
The EBITDA profile strengthened throughout the financial year and in particular the final two quarters. We anticipate strong trading demand and growth in EBITDA for the forthcoming year.
Bank borrowings have further reduced to £5.6m, while cash balances of £1m were held. We have largely eliminated cash interest costs which were reduced to £0.7m (down from £3.3m). Our debt to EBITDA ratio is 2.3 times, which is well below industry norms and demonstrates the financial security of the group.”
Key financial points include:
- Revenue of £128m.
- EBITDA profit of £2.5m.
- Cash generated from operating activities of £3.9m.
- The Group has positive net current assets of £4.1m and excluding the shareholder loan notes has over £20m of net assets.
- We had £38.7m of loan notes that are owed to the shareholders; this is an investment by our shareholders, and they would never ask for any of it to be repaid unless the company could afford it, interest is not cash settled but deferred. 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 financial statements show net debt of just £4.8m to third parties (ie excluding shareholders) which principally comprises a low-risk invoice discounting facility.
Notes on the financial statements
The company at the top of the ownership structure is Millbrook Healthcare Holdings Limited and the accounts for this company show the consolidated numbers for the whole of the Millbrook Healthcare group.
Millbrook Healthcare Limited, Ultimate Healthcare Limited and Livity Life Limited were the main trading subsidiary companies.
The accounts of the various companies will be available on the Companies House website in the coming days:
