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Another year of strong results for Bupa
15 March 2007
Healthcare company Bupa today announced a strong financial performance for the year to 31 December 2006. Highlights include:
- revenue up 9% to £4.25bn including organic growth of 7%
- underlying surplus* before tax of £359.1m, an increase of 15%
- continued levels of solid cash generation at £383.5m
- outstanding growth in international insurance:
- revenue rose by 25% to £1.35bn
- overseas customer base increased by 9%
- focus on improving operating efficiency continues to deliver future surplus to reinvest in customer care
- continuing healthcare leadership:
- leading cancer cover, providing for all stages of treatment with an approved network of cancer hospitals
- launch of the UK’s first specialist MRI units
- no cases of bloodborne MRSA in Bupa hospitals in 2006
- all profits are reinvested for the benefit of customers:
- £106.4m capital expenditure on upgrading hospitals, care homes and systems
- 1,400 new beds to be added to care homes over next few years
- £9m to be donated to community and charitable projects to mark Bupa’s 60th anniversary over the next three years
*Underlying surplus before taxation expense excludes the effect of currency translation, non-recurring items (including the impact of property revaluations), costs relating to the Risk Equalisation Scheme in Ireland (RES), amortisation of intangible assets arising on acquisitions, profit/(loss) on sale of businesses, goodwill impairment, and various adjustments relating to the refinancing of Group debt.
Val Gooding, Chief Executive, commented:
“BUPA has delivered another year of very good growth with underlying surplus up 15 percent. Our clear strategy of pursuing growth opportunities in both the UK and international markets has served the Group well.
We will continue to pursue revenue growth by providing a range of high quality health and care services to more customers. We will increase revenue investment in operating systems and business development which may slow the pace of underlying growth in surplus in 2007.”
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