Primary Health Care has delivered an underlying net profit after tax of $92.3 million for the year ended 30 June 2018 and announced plans for a $250 million capital raise.
“Primary Health Care is committed to delivering excellence in consumer-centred healthcare and to maximising value creation for its shareholders by providing a quality offering in frontline care,” said managing director and CEO Malcolm Parmenter.
“Critical to achieving this, we are reformulating our value proposition to consumers and healthcare professionals alike.
“In the financial year, we grew Group revenue by nearly 5% and delivered stable underlying NPAT. We also generated a 3.6% increase in free cash flow and kept debt levels steady, reflecting a disciplined approach to spending."
The company said a 1.4 percent reduction in revenue from its medical centres reflects the transition of GPs onto capital-light contract models. It said these models are designed to provide GPs with more flexible working conditions and a higher share of billing revenue.
The company said the $250 million capital raise will be used to increase operational capacity in its existing medical centres and deliver an improved pathology infrastructure platform.
It also confirmed that it is in exclusive negotiations to acquire what it described as a leading day hospital operator.