Promisia Healthcare reports 11% revenue increase

Promisia Healthcare has reported its unaudited results for the six months ending September 30, 2023.

The company said it achieved increasing occupancy, strong new villa sales and resales, and maintained a focus on high-quality, personalised care.

During the first half of the financial year, Promisia appointed Rhonda Sherriff as chair and Jill Hatchwell as an independent director.

The leadership team was also restructured and strengthened with the appointment of Karen Lake as group general manager, along with new managers in finance and clinical and quality roles.

Promisia said it conducted a review of its strategy and objectives to drive commercial growth and continued to explore expansion and growth opportunities.

In terms of financial performance, the company reported revenue of $12.9 million, an 11% increase compared to the same period last year.

However, EBITDAF1 was down 11% to $1.6 million, and Promisia incurred a net loss after tax of $152,000, compared to a profit of $382,000 in the previous year.

The net loss was attributed to one-off costs associated with the leadership and board transition.

Promisia's total assets increased by 12% to $73.6 million, while borrowings rose 2% to $30.4 million.