Cambian (CMBN) has declared a maiden dividend of 1.8p a share, fulfilling a promise it made to investors prior to its IPO nearly 12 months ago. The care-home provider had a good year, with the average occupancy rate flat at 80 per cent despite a 27 per cent increase in capacity.
That pushed adjusted cash profit up 18 per cent to £48.4m, 2 per cent ahead of consensus forecasts, giving a margin of 20.1 per cent, up from 19.2 per cent in 2013. Predictably enough, however, this progress was disguised in the reported numbers by £22.3m in one-off and IPO-related charges.
Cambian used the £21m of new equity from the IPO and a new £200m finance facility to add four companies to its portfolio. The Ansel Clinic in September cost £4.1m and the Woodliegh Community Centre went for £61.4m in December. Add the New Elizabethan School and three Mencap Colleges into the mix and Cambian spent a total of £73.1m on acquisitions last year.
Broker Numis Securities expects pre-tax profit of £36.6m this year, giving EPS of 14.4p, up from £24.3m and 11p, respectively, in 2014.
| CAMBIAN (CMBN) | ||||
|---|---|---|---|---|
| ORD PRICE: | 221p | MARKET VALUE: | £381m | |
| TOUCH: | 220-222p | 12-MONTH HIGH: | 249p | LOW: 194p |
| DIVIDEND YIELD: | 0.8% | PE RATIO: | na | |
| NET ASSET VALUE: | 135p* | NET DEBT: | 81% | |
| Year to 31 Dec | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2011** | 140 | 8.4 | na | na |
| 2012** | 184 | 2.7 | na | na |
| 2013 | 214 | 7.8 | 16.1 | nil |
| 2014 | 241 | -4.2 | -6.1 | 1.8 |
| % change | +13 | - | - | - |
Ex-div: 6 Apr Payment: 23 Apr *Includes intangible assets of £152m, or 87p a share **Pre-IPO figures | ||||
