Healthy return for Ramsay

RAMSAY Health Care has upgraded its full-year earnings guidance after lifting first-half net profit by 14 per cent, helped by robust growth in admissions at its hospitals and medical centres.

Australia’s largest private hospitals operator, which operates Pindara Private Hospital at Benowa and Tugun’s John Flynn Private Hospital, posted a net profit of $255.9 million for the six months to December 31.

Revenue was up 3 per cent to $4.3 billion.

The results prompted raised guidance for full-year core profit growth of 12-14 per cent, up from its previous estimate of 10-12 per cent.

“With its unique global footprint, mix of public and private payers, and strategically located quality assets, Ramsay is well placed for future growth,” chief executive Christopher Rex said.

Mr Rex said he would step down this year, after 22 years with Ramsay.

He became chief executive in 2008 after 13 years as chief operating officer.

Chairman Michael Siddle said a comprehensive CEO succession process is under way.