Medical centres operator and pathology provider Primary Health Care says it is operating in line with expectations and expects to meet its earlier annual profit guidance.
Primary this morning booked a first-half net profit of $46.3 million, more than double its profit of $20.3 million in the prior corresponding period.
The prior corresponding period's bottom line was negatively affected by $34.7 million in non-recurring items.
Earnings before interest, tax, depreciation and amortisation (EBITDA) grew 9.5 per cent to $166.8 million.
"Primary is operating in line with its trading expectations for the group for FY2012 (the 2012 financial year)," Primary said in a statement on Wednesday.
The company said the successful refinancing of its bank debt and a stable regulatory environment would ensure Primary's focus on delivering revenue and earnings growth.
"Primary confirms its earlier earnings guidance for FY2012 of $120 million to $125 million net profit after tax (excluding a $5.9 million after-tax charge for unamortised borrowing costs regarding early re-finance of bank debt).
"Underlying this guidance is an EBITDA range of $345 million to $355 million, with Primary historically having a minimum EBITDA split of 47.5 per cent/52.5 per cent between the first and second six months of each financial year."
Primary's revenue for the six months to December 31, 2011, climbed 4.7 per cent to $686.2 million.
The company declared an interim fully-franked, dividend of five cents per share, up from three cents in the prior corresponding period.
More to come