French care home group Emeis cuts core profit target for 2024
17/04/2024 07:00
April 17 (Reuters) - French care home operator Emeis
ORP.PA , formerly known as Orpea, cut its 2024 core earnings
target on Wednesday, citing lowered "operating assumptions" in
France.
It expects earnings before interest, tax, depreciation,
amortisation, and restructuring costs (EBITDAR) of between 800
million and 835 million euros ($850 million and $887 million)
for the financial year, down from the 891 million euros it had
forecast in November.
In 2023, Emeis' EBITDAR fell more than 10% to 696 million
euros due to high inflation and lower-than-expected occupancy
rate at its nursing homes in France, it said in a statement.
This is the group's first earnings report since it finalised
the restructuring of its debt and rebranded as Emeis in an
apparent effort to move on from the scandals that plagued it in
2022 and contributed to subsequent financial issues.
($1 = 0.9415 euros)
(Reporting by Stéphanie Hamel in Gdansk; Editing by Milla
Nissi)
((stephanie.hamel@thomsonreuters.com))