Abano reports 160 per cent rise in earnings
Private medical chain owner Abano Healthcare has reported a 160 per cent increase in interim earnings, with the firm's ongoing acquisition spree continuing to drive earnings.
The firm reported a net profit of $1.5 million for the six months to November 30, up from $600,000 in the same period a year ago, meeting guidance issued in October.
"Our businesses have performed well over the six-month period, and we are now realising some of the early benefits from our accelerated dental acquisition programme and the investment into our dental and radiology businesses during FY12 and the first six months of FY13," said managing director Alan Clarke.
Revenue rose to $107.9m, up from $102m a year earlier, boosted by the 19 dental practices it acquired in New Zealand and Australia since June 1, which equates to about one acquisition every two weeks.
The firm said it saw further potential for expansion in the $7 billion-a-year dental market, with only about 10 per cent currently corporatised.