Care home provider pays bank interest over £2m, profits down 20%
Prime Life has reported turnover slightly up but profits down for the second year running. Annual turnover was £46.5m in the year to 31 March 2015, up 3% over the previous year. Pre-tax profits at £5.5m were down 20%.
The company’s latest accounts reveal a considerable fall in profitability for the Leicester-based care home provider. Profits are now only just over half the dizzy heights of 2013, when profits reached almost £10m on a turnover of £44.1m.
Interest payable on bank loans totalled £2.12m for the year.
The company operates more than 60 care homes across the country. It offers elderly residential care, including care for people with dementia, as well as specialist provision for younger disabled adults.
Directors say that bed occupancy remains high, at over 90% for the established homes. Staff costs have risen very slightly and now stand at £23.3m, around 50% of turnover.