Interest payments of £1.58m lead to £435,019 pre-tax loss for the year
Care provider ILS Group has reported a loss for the year despite turnover rising 23 per cent to £23.9 million.
The Aberdeen-based group said like-for-like turnover, excluding the impact of acquisitions, rose by 13 per cent or £2.4 million.
Care hours rose by 17 per cent on the previous year and price per hour rates rose by six per cent.
Earnings before tax and costs increased by 202 per cent to £2 million.
Gross margins rose 20 per cent to £7 million and the group said it had not experienced any reduction in price for service provision from local authorities.
Although the group turned around an operating loss of £188,697 last year to post an operating profit of £1.14 million, interest payments totalling £1.58 million resulted in a pre-tax loss for the year of £435,019.
ILS said £0.6 million in interest payments were paid in the year, with the balance rolling up for repayment at later dates.
Last year the group posted a pre-tax loss of £1.37 million.
ILS said its interest rate on term loans range from 5.5 per cent to 15.5 per cent.
Net debt at the year end stood at £13.3 million against £12.8 million the previous year.
Acquisitions in the year included Edinburgh-based All Care and Spectrum Care based in Newton Stewart, Dumfries & Galloway, which added £2.8 million in additional turnover for the year.
The group added 153 carers during the year with the total at the year end reported at 1,586, which saw salary costs rise from £16.9 million a year ago to £19.6 million.