- Number of registered beds at period end 1338  (2008: 1250) - Average occupancy during the period remained high despite the addition of 88 new beds, which are included within the average overall occupancy of 96% (2007/8: 98%) - Staffing costs ratio as a percentage of Revenue reduced to 43% (2008: 44%) - Average weekly fee for 2009 is up 5% to £457 (2008: £435)  - Revenue increased by 7.9% to £28.5m (2008: £26.4m) - EBITDA is up £500k (+6%) - PBIT up by £200k (+3%) - PBT up £400k (+13%) - Service quality: 96% (all but one) of Meridian care centres have attained a 3 or 2 star rating by CQC.

Occupancy and Quality Initiatives 

During 2008/9, the average occupancy of the Meridian portfolio was 96% (2008: 98%). The slight dip in occupancy reflects changes to the portfolio during the year including the addition of 88 new beds (Rievaulx House, 48 beds added in August 2008 and Roby Lodge, 40 beds added in March 2009) and the reconfiguration of services at Roby House in early 2009 to include Nursing services across 22 beds.  Since the year end occupancy has been maintained and stands at 96%, as at 5 October 2009.

Meridian currently has 1 care centre with less than 12 months trading (Roby Lodge).  This care centre has achieved its target occupancy well ahead of budget with average occupancy over the last month: 96.8%. 

Meridian continues to focus on improving service quality. By the end of September 2009, 96% of care centres were rated Good or Excellent by the Care Quality Commission ('CQC') with the company focused on increasing the number of Excellent rated care centres over the coming 12 months, and of course improving the only remaining 1 star rated facility to at least 2 stars.

Meridian continues to use its own Quality Assurance programme to support care centres in the drive for quality. This includes the ongoing strategy to improve staff training and development at all staff levels but most importantly at all our care centres where service delivery is paramount. At the end of March 2009, Meridian reported 78% of all staff trained to NVQ Level 2 or above and a significant proportion of staff also trained to NVQ L3 and L4.  Meridian continues to have a healthy succession plan in place and in the past 12 months, 16 of the senior care centre staff have completed their NVQ Level 4 as part of the drive to increase the number of qualified staff with management potential.

In addition to CQC rating success, a number of care centres have achieved 5 star Food and Hygiene awards from local authorities where the scheme is in operation.

Portfolio Meridian owns the freeholds of all its 27 care centres and its Headquarters in Hyde.  During 2008/9   two new developments were opened: Rievualx House (48 beds) in Leeds and Roby Lodge (40 beds) in Knowsley.  The company also boasts 100% single occupancy rooms with 80% of rooms en suited and 12% also having en suite shower or bathing facilities.

Rievaulx House won ‘Best New Development’ in the National Pinders Healthcare Awards 2009. This follows on from the win in 2005 for White Rose House – also ‘Best New Development’.

Organic growth and development will continue to be achieved through the development of care centres at its already acquired land bank plus the addition of further bedrooms within the existing portfolio of assets wherever possible. The company has also not ruled out making further strategic acquisitions, but will only do so if the right quality of asset, which complements and enhances the existing portfolio and earnings of the business, presents itself.

Moving forward Continued occupancy levels at around 97% will enable the business to grow turnover, EBITDA PBIT and PBT for a record 10th consecutive year to end March 2010.

Enquiries:    Meridian Healthcare  +44 (0)161 368 9099    Alan Firth, Chief Executive     Susan Firth, Managing Director Barry Brooks, Finance Director   

Tessa Matthews, Group Marketing Manager +44 07740 708928 / 0161 368 9099