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Spire Healthcare Sees Weak Earnings, Revenue In FY18; Stock Dips

Shares of Spire Healthcare Group Plc. (SPI.L) declined around 12 percent in the morning trading in London after the UK private hospital group Tuesday issued weak EBITDA and revenue forecast for fiscal 2018..

In its trading update for the financial year, the company said it expects to report revenue of about 931 million pounds and EBITDA before exceptional and other items of between 119 million pounds and 120 million pounds.

While announcing its first half results in September, the company had said it expects EBITDA to be in the range of 120 million pounds to 125 million pounds, after charging non-recurring items of approximately 5 million pounds.

In the year 2017, the company's revenues were 931.7 million pounds and EBITDA was 150 million pounds.

The Company said it achieved good strategic progress during 2018. As at 31 December 2018, 76% of Spire's hospitals were rated Outstanding or Good by the CQC, up from 67% at the previous year end. There was also momentum in private payor growth.

Spire will announce full year results on February 28.

In London, Spire shares were trading at 102.60 pence, down 12.01%.

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