Life Healthcare (LHC) 1H25 – Results Snapshot

Diluted HEPS from continuing operations of -152.2cps (1H24: 51.0cps, restated). Normalised EPS up 9.1% y-y to 49.0cps.
Revenue growth from continuing operations +8.1% y-y to R12.1bn, driven by robust activity growth, benefits from acquisitions concluded in 2H24 and a satisfactory tariff increase.
Total expenses grew 36.9% y-y, with expenses-to-sales of 115.3%. The high expense growth is due to a R2.9bn contingent consideration liability related to the disposal of Life Molecular Imaging (LMI), which is expected to be concluded in 2H25.
OPM from continuing operations of -14.1% (1H24: 10.0%)
Dividend of 21.0cps (1H24: 19.0cps).
Acute hospital PPD increased 2.0%y-y on a like-for-like basis. Occupancies improved to 68.3% (1H24: 66.2%). Revenue per PPD grew 6.3% due to a tariff increase of 5.1% y-y and a positive case mix of 1.2%.
Complementary services occupancies up to 71.6% (1H24: 70.4%). Imaging volumes showed good growth of 13.9% y-y, benefitting from acquisitions.