Outsourced property manager Mitie (MTO) has taken a big step into the market for providing health and social care at home with a £111m deal to buy Enara from private equity group August Equity. Mitie's chief executive, Ruby McGregor-Smith, told the Investors Chronicle there is a real growth opportunity in the health and social care sector as the public-sector comes under increasing pressure.
Enara is the fourth-largest home care provider in the UK and operates through 57 branches predominantly in the south of England. For the year ending 31 March 2013, Enara is expected to have revenue of £93m and operating profit before amortisation of £10.1m. Broker Investec nudged up its forecast for Mitie's full-year pre-tax profit from £110.5m to £112m giving EPS of 24.4p.
