Not For Profit Fronditha Care has reported an EBITDA of $6.5 million for 2021-22, translating into a full-year deficit of $3.8 million after interest, taxes, depreciation and amortisation.
The $6.5 million result is up from a 2021 EBITDA of $1.8 million, with an accompanying 24%+ growth in revenue to $76 million. According to Jill Taylor (Nikitakis), Fronditha Care’s President and Board Chair (pictured centre right), the results have exceeded expectations, and the provider currently has a working capital of $6.5m and no debt.
“We have the right strategy, the right people, and the right culture. Every aspect of the business has been strengthened – the board, management, operations and significantly our service delivery through a continuum of care.
“I am delighted to report that under the committed leadership of CEO Faye Spiteri OAM, we have met the commitments we made in FY21 and exceeded FY22 forecasts – a result achieved while navigating the many challenges of the aged care sector reforms.
“Fronditha Care has delivered strong results for FY22 as part of our turnaround strategy which is now accelerating into a new phase. With positive EBIDA and operating cashflow, we are strongly positioned for the future,” she said.
CEO Faye Spiteri (pictured centre left) last year restructured the Fronditha Care business following a $6.5 million loss.