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Mediclinic International PLC on Wednesday said "pronounced seasonality" hobbled its top-line growth in a half-year that was also marked by tough macro-economic environment.
The Stellenbosch-based private healthcare provider reported revenue of £1.73 billion for six months that ended September 30, up 10% from £1.58 billion in the prior year. In the first half of financial 2022, revenue had risen by 12%.
Mediclinic said it experienced a testing first-half due to macro-economic pressures and the effect of "pronounced seasonality" on volumes.
Adjusted earnings before interest, tax, depreciation and amortisation was £246 million, down 1.2% from £249 million. This reflected the slower increase in revenue but also high employee costs incurred due to Covid-19-related staff absenteeism and general nurse shortages in Switzerland, as well as additional headcount related to capacity expansion in the Middle East.
But pretax profit improved to £95 million, up 4.4% from £91 million.
Mediclinic decide to not declare an interim dividend, unchanged from a year ago, even though earnings per share rose by 28% to 11.3 pence from 8.8p.
The group said its takeover by a consortium led by the Johannesburg-listed investment firm Remgro Ltd is still awaiting regulatory approvals.
SAS Shipping Agencies Services Sarl is a consortium comprising Remgro and MSC Mediterranean Shipping Co SA. Remgro holds a 45% stake in Mediclinic.
The consortium in August raised its offer to 504 pence in cash for each Mediclinic share held, up 9.5% from 460p offered in May.
Going forward, Mediclinic said increasing macro-economic uncertainty, inflationary pressures, and the risk of further Covid-19 and related disruptions to staffing and scheduling, will likely hurt sequential increase in patient activity in Switzerland and Middle East.
Shares in Mediclinic were up 0.1% at 495.22 pence each in London on Wednesday morning. The shares were 0.2% lower in Johannesburg at R 101.31. Remgro shares were down 0.1% at R 140.29.
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