Caretech revenue jumps after Cambian acquisition

Farouq And Haroon Sheikh.
Farouq And Haroon Sheikh.

CARETECH Holdings plc, a leading provider of specialist social care services recorded a steep rise in revenue after its bumper £372 million takeover of Cambian Group.

Revenue of the Asian origin businessmen controlled firm climbed 120 per cent in the six months to the end of March.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 71 per cent to £33.3m.

Haroon Sheikh, Farouq Sheikh controlled Caretech’s like-for-like revenue jumped 12 per cent to £98m, while like-for-like EBITDA ticked up to £21m.

The property portfolio of Caretech was valued at £774m following its latest acquisition.

The company runs over 550 residential facilities and specialist schools across the UK.

Caretech executive chairman Farouq Sheikh said: “The group’s performance reflects the scale of the acquisition and delivers a substantial increase in revenue and EBITDA compared with the same period last year.”

CareTech is a major specialist social care services provider, supporting adults and children with a wide range of complex needs in over 330 specialist services around the UK.

Last year, CareTech acquired Cambian Group, which has a specific focus on children with high acuity, challenging behaviours and complex care requirements.