FINANCIALS: HCL expects earnings down in first half of year

Healthcare recruiter Healthcare Locums (HCL) says it expects that it will see EBITDA (earnings before depreciation, amortisation, interest, tax and other announced operating costs) for the first half of 2012 lower than it was in 2011.
Fri, 3 Aug 2012

Healthcare recruiter Healthcare Locums (HCL) says it expects that it will see EBITDA (earnings before depreciation, amortisation, interest, tax and other announced operating costs) for the first half of 2012 lower than it was in 2011.

This is in part due to a number of “unexpected delays in the tendering processes of several national and regional NHS procurement frameworks”, it reports in a trading statement.

The tendering delays in the UK and broader restructuring comes alongside “disappointing” trading in May and June in its Australian nursing agency arm, although adds that the “Board now expects trading to improve in the second half of the year, as Australia moves into its seasonally busier time of the year”.

The trading update statement continues: “Despite the disappointing trading in the first half, the Board remains confident that HCL is well placed to increase its share of NHS framework business and the increased cost it has put into Australia will begin to reap its reward.”

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