Estia climbing back – $20M net profit for six months, up 85%

Norah Barlow looks to have provided the stability that Estia Health desperately needed. She was appointed CEO in late October. She is joined by a new chief operating officer (COO) and a new chief financial officer (CFO). Estia’s half year results have delivered a $20 million net profit, up from $10.7 million for the same period last year, on revenue of $263 million (up 5% on last year). EBITDA was $43 million. They successfully raised $137 million in additional capital and paid down debt of $140 million. The capital raising knocked the share price given it was at $2.10 a share but it has recovered plus more to $3.11 today. Barlow says: “Our business strategy for the remainder of the year will be to continue optimising the performance of our existing portfolio of assets; undertaking significant refurbishment projects while continuing development projects at the appropriate time”.