Paragon Care Limited (ASX: PGC) (“Paragon Care” or the “Company”), a leading provider of medical equipment, devices and consumables to the healthcare markets in Australia and New Zealand, is pleased to report its financial results for the year ended 30 June 2021 (“FY21”). Key highlights from the results include:
• Solid FY21 performance with growth in all key metrics: NPAT in FY21 was $8.3m, representing EPS of 2.45 cents per share. EBITDA of $26.5m was up 16% on the normalised performance last year, reflecting an improved operating performance and disciplined cost control.
• Strong operating cash flow: Operating cash flow of $27.5m in FY21 was up 419% from $5.3m in FY20, primarily due to a tighter working capital cycle. All remaining vendor earn-out payments totalling $15.3m were completed in FY21, enhancing free cash flow generation in FY22.
• Successful renegotiation of banking facilities: The new 3-year banking contract with NAB extends to July 2024 and the new covenants were designed to support the future growth of the business, enabling Paragon Care to resume dividends and explore acquisition opportunities.
• Final dividend declared: A fully franked final dividend of 1cps has been declared, with a record date of 14 September 2021, to be paid on 1 October 2021.
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