Cambian cuts its 2015 final dividend

DividendMax Ltd.

Cambian cuts its 2015 final dividend

Total capacity increased by 12% to 2,989 (2014: 2,668) 

Lower than budgeted revenue growth of 21% to £290.1m 

Adjusted EBITDA of £42.5m, impacted by additional costs and lower occupancy in H2 2015

Margins reduced to 14.7% (2014: 20.1%)

Exceptional cost of £24.9m includes £21.7m non-cash asset impairment - Cambian remains underpinned by its valuable asset portfolio

Average occupancy of 78% (2014: 81%)

Completed £25.4m equity placing in March 2015 to support strategic acquisition of By the Bridge - creating a leading provider of therapeutic fostering

Closing net debt of £239.3m

Agreed terms for amendment of Group's bank facilities, with covenants reset

Dividend suspended pending return to growth

Companies mentioned