Update: Revenue growth and narrowing losses
Circle Holdings achieved good revenue growth in H114 of 11% year-on-year, reduced its EBITDA losses further and produced a small EBITDAR profit of £0.4m; however, EBITDA progress was not as fast as we expected. The Bedfordshire NHS contract was successfully started in April and CircleBath property was sold to a US REIT, Medical Properties Trust, producing lower rent, a capital gain and a new relationship with a large finance provider. Project Reset is due to be completed in Q414. There were no announcements of new business projects but management is optimistic that its relationship with the US REIT could lead to further developments, such as a new hospital in Birmingham.
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