CFO Pieter van der Westhuizen: Management teams have taken steps to protect revenue streams
The impact of Covid-19 has varied across Life Healthcare Group’s geographic regions and business lines due to the timing of the spread of the disease and the responses of various governments.
Despite the company estimating lower revenue for the six months to end 31 March, Life Healthcare Group reported an increase of revenue of 8.9 percent and normalised EBITDA growth of 8.7 percent.
The group said in a statement that it experienced lower activity volumes in March 2020 due to lockdown.
“We expect tough trading conditions for at least the next six months due to the continued impact of the pandemic on business operations as well as a general slowdown in the economies we are trading in,” said Life Healthcare Group CFO and acting CEO Pieter van der Westhuizen. “Management teams have taken steps to protect revenue streams, reduce costs and preserve cash in all the countries we operate in and will focus on bringing operations to full capacity as quickly as possible once lockdown conditions in the various countries are lifted.”
He added that Covid-19 introduces a high degree of uncertainty surrounding the impact on the company’s activity levels and the timing of the return to previous trading environments. Because of this, it is not possible to provide guidance for the full-year results.
“Our ability to effectively respond to the pandemic and provide quality care to our patients in this time of crisis is largely due to the dedication and unwavering support of all our front-line employees, including our doctors,” Pieter said. “We take this opportunity to acknowledge your invaluable contribution and to thank you sincerely.”