Primary Health Care Limited
(ASX:PRY) has lifted its first half net profit by 50 per cent to $69.5 million, up from $46.3 million in the corresponding period last year.
The medical services company says its trading result has been driven by revenue and margins, with strong organic growth across its Medical Centres, Pathology and Imaging businesses as well as significant improvements in free cash flow.
During the first half Primary Health posted a 97.5 per cent conversion of EBTIDA into cash, while net cash from operating activities improved by 46 per cent to $130 million.
In the second half, the company will focus on its core business model, namely organic revenue growth and margin gains as well as appropriately priced bolt on acquisitions.
Full year EBITDA is expected to come in between $370 and $380 million, with Primary Health Care flagging earnings per share growth of 20-25 per cent.
