Leading North East care, leisure and property business Malhotra Group plc is forging ahead with investments after seeing revenues rise following the pandemic.
The firm has published annual results for the year ended 31 March 2022, showing a 34% jump in turnover from £30.9m to £41.3m, while Ebitda rose 47% from £9.1m to £13.4m, leading to operating profit of £8.3m, up 38% from £6m. CEO Bunty Malhotra said the diverse nature of the group’s activities, combined with continued investment in its assets, aided growth in a trading period which had continued to be negatively impacted by the Covid pandemic.
Within care, fee income increased to £30.6m from £28.1m, and operating profit was £7m, down from £7.9m. During the year the group opened Bede House, a new 66-bedroom nursing home development at Ryhope, Sunderland, and also started to welcome residents at Beech Tree House, its new 86 bedroom unit which opened in Alnwick the previous year. The group’s leisure venues were not able to fully open at the beginning of the financial year due to pandemic restrictions, but pent-up demand saw a strong recovery in demand across all of its sites when restrictions eased, aided by initiatives including the “eat out to help out” scheme and the partial reduction in VAT.
