Outlook: Steady progress but challenges remain
Circle Holdings (Circle) remains in a development phase. Revenue increased 32% in 2014 in line with expectations and EBITDA losses were reduced by 25% y-o-y. The challenge remains to expand and achieve critical mass by winning new hospital contracts or managing more NHS service contracts. A new hospital in Birmingham is being planned alongside more NHS contracts, but finance for the former could be a heavy burden for the group. Project Reset has been completed, simplifying the ownership structure and should enable Circle to better incentivise staff.
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