Paragon Care Limited (PGC) has today updated its earnings guidance for the year ending 30 June 2023 (FY23).
Based on the unaudited Accounts, PGC expects to deliver Underlying EBITDA of approximately $38 million. This is a 35% increase on the equivalent Underlying EBITDA reported for FY22. The key driver of this increase has been the inclusion of the Quantum and SMS businesses as well as some modest organic revenue growth in the original PGC businesses.
These results have also been adjusted for the decision to close the Lovell manufacturing business following a strategic review completed throughout FY23. Lovell had been budgeted to contribute approximately $1 million of EBITDA in FY23 (prior year $1.9 million) and will be shown as a Discontinued Business in the full year Accounts. This will also require a one-off charge of approximately $3 million which includes the write-off of goodwill and inventory as well as redundancy costs.
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