Global Health Partner AB (STO:GHP):
Fourth quarter 2009
• Revenues increased by 13 percent to SEK 151.2 million (133.7)
• The result before tax amounted to SEK -5.9 million (-18.2)
• The result per share amounted to SEK -0.19 (-0.24)
• The operating result amounted to SEK -2.9 million (-17.7)
• Organic growth of 13 percent
Whole year 2009
• Revenues increased by 26 percent to SEK 503.3 million (400.4)
• The result before tax amounted to SEK -11.2 million (-37.5)
• The result per share amounted to SEK -0.45 (-0.71)
• The operating result amounted to SEK -7.2 million (-32.5)
• Continuing good organic growth of 21 percent
Comments from Per Båtelson, CEO:
2009 was an eventful year, with a mixture of successes and breakthroughs, but also with some challenges which required that measures be taken during the autumn. Our mature clinics continued to develop well during the year, as did most of our newly started clinics. 2009 was therefore the first time that we achieved a positive whole-year result before close-down costs in England, despite increasing development and start-up costs for the Group as a whole.
Market conditions in Sweden were affected positively by the greater political will to meet the health care guarantee for an increasing number of patients with the aid of private providers of hospital care, and by the increasing number of patients with private health insurance. The greatest challenge during the autumn was the restructuring of our operations in England. Given the prevailing market conditions, we consider that we can use our resources better in other markets. We closed our dental clinic in Leeds and concentrated our efforts within the obesity area on only treating publicly funded patients.
The successes during the year include:
• The contract giving us responsibility for the treatment of diabetes patients in Ajman, United Arab Emirates. The hospital is in the process of being started up and will be operational from April 2010. A clinic for supplementary obesity surgery will also be opened under the Global Health Partner’s management and we will be precursors in being able to offer surgery as a new way of treating diabetes.
• The start of our first Arrhythmia clinic at Södersjukhuset hospital in Stockholm. The business has treated more than 150 patients with severe heartbeat problems since it was started in May 2009, with very good treatment results.
• The good development of volume and financial results, especially in our Swedish orthopaedic clinics.
• Not withstanding the increased business development to expand the group as well as the work to document and develop quality and efficiency, the consolidation of our central resources has resulted in reduced central costs.
During the fourth quarter we started a business for obesity surgery in Prague. Our own, completely new clinic will be ready for occupancy during April 2010, and it will also be ready to expand in other Service Line areas. We also started obesity surgery in Helsinki during November 2009.
The closure of the dental clinic in Leeds, the restructuring of the obesity surgery investment and the reduction of the central resources in England will have a positive effect on financial results as well as the group’s risk profile for 2010 compared with 2009. Together with the consolidation of central resources in the Parent Company and continuing good development for our established clinics, this makes us confident that we are well-positioned for 2010.