Primary Health Care posts steep rise in FY profit

Group tips modest earnings growth for current year, on acquisition trail.

Primary Health Care (PRY) is eyeing acquisitions and tipping single digit earnings growth for the current year after posting a steep rise in full year net profit. 

Net profit increased 29% to $150.1 million for the year, from $116.6 million in the previous corresponding period, driven by a strong improvement in margins.  

It came on an increase in revenue to $1.45 billion, from $1.39 billion in the prior year. 

EBITDA came in at $385.1 million, within the company's upgraded guidance range of $380 to $390 million.

Primary Health Care is predicting EBITDA of $395 million to $410 million for the current year and earnings per share growth of between 7% and 13%. 

The group said it would "consider bolt-on acquisitions if appropriately priced". 

The group will pay a fully-franked final dividend of 11 cents, up from 6 cents in the prior year.