Sub-Section Content: -

• Company Summary
• Company Reports

• Number of beds increased by 14.4% to 37,084 (2007 - 32,420)
• Underlying⁸ average weekly fee up 6.0% to £515 (2007 - £486)
• Underlying occupancy 90.4% (2007 - 91.1%)

• Total revenues increased by 28.2% to £431.2m (2007 - £336.3m)
• Revenue relating to acquisitions up to £20.1m (2007 - £9.0m) with corresponding Home EBITDAR before central costs relating to acquisitions £5.6m (2007 - £2.6m)
• Interim dividend rebased by 50.0% to 3.75p (2007 - 2.50p)
• Basic loss per share 3.34p (2007 - profit per share 0.43p)

• Underlying⁸ revenues up by 22.2% to £411.1m (2007 - £336.3m)
• Underlying⁸ Home Level EBITDAR up 25.9% to £123.5m (2007 - £98.1m)
• Underlying Home Level EBITDAR margin increased to 30.0% (2007 - 29.2%)
• Adjusted EBITDA up 41.3% to £30.8m (2007 - £21.8m)
• Adjusted earnings per share up 15.3% to 6.80p (2007 - 5.90p)
• Cash inflow from operating activities of £29.5m (2007 - £25.5m) representing a cash conversion of Adjusted EBITDA of 95.8% (2007 - 117.0%)
• New two-year development loan totalling £32m signed and current acquisition facility increased from £60m to £108m

1. Home EBITDAR is defined as earnings before interest, tax, depreciation, amortisation, profit on disposal of property, plant and equipment and subsidiary undertakings and rental charges on operating leases.
2. EBITDA is defined as earnings before interest, tax, depreciation, amortisation, profit on disposal of property, plant and equipment and subsidiary undertakings.
3. Adjusted EBITDA represents EBITDA after adding back charges for future minimum rental increases.
4. Adjusted earnings per share is defined as earnings before charges for future minimum rental increases, loan arrangement fees written off, amortisation of goodwill and the taxation impact thereof, divided by the weighted average number of shares.
5. Number at the period end.
6. Underlying occupancy excludes immature beds, newly developed homes or refurbished homes that have been trading for less than 12months.
7. Rent cover is defined as Home Level EBITDAR before central costs divided by charge for rental amounts currently payable.
8. Underlying revenues, underlying Home EBITDAR and underlying occupancy excludes acquisitions.

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