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Bupa reports another year of good progress 18 March 2004 Healthcare group consolidates acquisitions; growth continues in existing businesses; income up 20 per cent Healthcare company, Bupa today reported a surplus before tax of £134.5 million (£103.6 million) for the year to 31 December 2003. Chief executive Val Gooding said the result reflected increased sales across the Group, careful cost control and the consolidation of international acquisitions made in 2002. Group income, at £3,368 million (£2,815 million), was up 19.7 per cent. Insurance income grew by 25 per cent and income from non-insurance activities including hospitals, care homes, occupational health and health screening, rose by 10 per cent. The Group withdrew from its treasury portfolio of equities in October realising a gain of £13.3 million. Reserves grew £185.2 million to £1,306 million (£1,121 million), made up of a post tax surplus of £70.8 million (£55.4 million), property revaluations of its care homes and hospitals, which produced a gain of £80 million, and currency translation differences which contributed £34.4 million. Bupa’s provident status means all surpluses are reinvested in the business. In 2003, Bupa continued to spend close to £100 million on existing facilities, including £32.4 million on MRI scanners, operating theatres and other hospital equipment and £11.4 million on refurbishments in its portfolio of care homes. The Group donated £2.5 million to the medical research charity The Bupa Foundation and a further £1 million to support local communities. Bupa staff contributed over 114,000 hours of volunteering in local communities. Income from UK and overseas insurance activities was £2,281 million (£1,827 million) and reflected the first full year of trading for its Australian health insurance business acquired in August 2002. The operating surplus for insurance activities increased by £48.2 million to £146.1 million. The Group delivered a good performance in the UK and strong growth in membership numbers in both its Irish and Spanish insurance businesses. Income from its hospitals, health screening and care homes businesses increased to £1,087 million (£988 million), accounting for just under a third of the Group’s income. The operating surplus for these businesses was £12.9 million higher at £91.7 million. Charges for the amortisation and impairment of goodwill were £41.4 million (£16.7 million). Val Gooding said: “In 2003 we achieved organic growth in our existing markets and consolidated acquisitions in our care homes and Australian insurance businesses. We have achieved significant growth in turnover and profits, with 32 per cent of our operating surplus earned overseas. “Our results clearly demonstrate that people want to choose where they are treated, when and by whom. This is at the heart of everything we do. We remain totally focused on giving our customers the high quality healthcare they expect.”
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