Growth in Revenue in First-Half 2024 at €2,772 Million (Up 9.2%)
In an impressive demonstration of growth agility, emeis announces a noteworthy revenue increase in the first half of 2024, reaching €2,772 million, indicating a robust 9.2% upsurge. This financial prosperity blankets all geographical areas, the result of strategic price adjustments and an improved occupancy rate across the group’s diverse facilities.
Key Financial Highlights:
- Surge in Occupancy Rates: The average Group occupancy rate saw an uplift to 85.3%, marking a 2.6 points improvement in comparison to H1 2023. Notably, the occupancy rate for nursing homes in France ascended to 83.1% in Q2 2024, a 0.5 point increase from the preceding year.
- International Revenue Boost: Outside France, emeis enjoyed a significant occupancy rate hike, climbing between 3.1 and 4.5 points against H1 2023 figures. Despite the French nursing homes not reaching expected occupancy levels, the late first-half trend hints at a positive direction.
- Stable EBITDAR Performance: H1 2024 EBITDAR is anticipated to align with the previous year’s performance, hovering between €330 million to €340 million, evidencing the company’s resilient operational stance.
Geographical Growth Insights:
The company’s robust growth trajectory is vividly portrayed through its geographical performance diversity. The Southern Europe and Latam regions, alongside notable expansions in Northern and Eastern Europe, testify to emeis’s successful market penetration and operational excellence. Revenue from these regions significantly contributed to the company’s growth, beautifully complemented by organic growth and strategic new facility openings.
2024 Outlook and Adjustments:
Despite the commendable revenue upsurge, emeis revises its 2024 EBITDAR growth outlook, attributing the adjustment to the slower recovery rate in its French operations. The new forecast ranges between 0% to +5%, setting a more cautious expectation between €700m and €730m for the fiscal year. This recalibration originates from implementing an action plan in France, aiming for a harmonious balance between operational activity level and resource allocation.
Real Estate and Operating Asset Disposals:
Amid a challenging real estate environment, emeis navigates through with strategic disposals, estimating gross proceeds around €670 million by end-2024. These disposals, coupled with potential significant divestitures of operating assets, sketch a pathway for enhanced cash positions and solidified asset management proficiency.
Looking Forward:
With the unfolding of 2024, emeis stands at a pivotal juncture. The anticipated multi-year business plan update aims to recalibrate expectations and strategies. Reflecting on the first-half performance and adjusting to the unfolding market dynamics, emeis is set to further refine its operational and strategic blueprint, embracing both opportunities and challenges that lie ahead.
About emeis:
emeis, a leading entity in the healthcare and care sector, serves as a beacon of support for the most vulnerable segments of the population. With a global footprint spanning around 20 countries, the company’s diverse portfolio includes psychiatric and rehabilitation clinics, nursing homes, home care services, and assisted-living facilities. Upholding a commitment of excellence and care, emeis plays a pivotal role in addressing the growing societal challenges related to aging, mental health, and vulnerability.
