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Allied health company Healthia Limited (ASX: HLA) has almost doubled its underlying profit in the first half of FY21, driven by acquisitions and solid organic growth of its business.
EBITDA surged 91 per cent to $11 million in the six months to the end of December on a 38.9 per cent increase in group revenue to $61.47 million.
Growth in the bottom-line profit to $4.91 million was even more impressive, representing a 632.8 per cent surge form a year earlier.
However, the net result would have fallen into the red except for $7.6 million the company received in JobKeeper payments over the period.
Healthia's bottom line was also impacted by acquisition and other one-off costs totalling $2.2 million during the period.
Related story: Eyes and ears on Healthia as shares double in four months
The share market didn't seem to mind, focusing its attention on Healthia's strong underlying result. Shares in the company jumped more than 7 per cent, pushing the market value of the company to almost $185 million.
Healthia, an aggregator of allied health businesses, added 55 new clinics during the half. This includes The Optical Company network for which it paid $43 million in October.
The Brisbane-based Healthia now owns 207 allied health clinics across Australia, with most of them located in Queensland, Victoria and NSW.
The company operates three key divisions, namely Eyes & Ears (optometry and audiology services), Feet & Ankles (podiatry, orthotics and prosthetics) and Bodies & Mind (physiotherapy and occupational therapy).
A key highlight of the latest half-year result is what Healthia describes as organic growth of 14.5 per cent. The unaudited figure is calculated by excluding any closed businesses, those businesses not held during the prior period and any JobKeeper-related payments.
CEO Wes Coote says the strong organic growth achieved is testament to the dedication and resilience of the group's clinicians and support staff.
"The results are also reflective of the essential nature of the allied health services that our businesses and people provide to their local communities," he says.
"As we continue integrating Healthia's new Eyes & Ears division into our allied health network, we look forward to realising new business opportunities created through cross-referrals between Healthia's three disciplines to promote better patient outcomes."
The company is paying an interim dividend of 2c per share.
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