StockMarketWire.com - Private hospital group Mediclinic International booked a deeper annual loss after it recorded writedowns, including on the value of its Middle Eastern business, and was hurt late in the reporting period by the Covid-19 crisis.

The company suspended its final dividend to conserve cash.

Net losses for the year through March amounted to £320m, compared to losses of £151m on-year.

Revenue rose 5% to £3.08bn, but adjusted earnings fell 8% to £177m as the pandemic weighed on elective procedures.

Mediclinic recorded goodwill and fixed asset impairment charges at Mediclinic Middle East of £481m and Hirslanden of £33m. It also wrote down the value of its equity investment in Spire by £10m.

'A high degree of uncertainty remains regarding the progression of the pandemic and its full impact, which may well continue for at least the next 12 months,' chief executive Ronnie van der Merwe said.

'As a group, we are preparing for a variety of eventualities while simultaneously endeavouring to continue making available our wide range of acute inpatient, outpatient and day case care services.'




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