The board of Medicover has decided to not propose a dividend to the annual general meeting as previously announced in the year-end report.
It said it expects the first quarter revenue and EBITDA to be largely in line with expectations. Medicover expects revenue for second quarter to be comparable to Q2 2019. Furthermore, the group expects to see a material contraction in second quarter EBITDA as a direct result of restrictions upon the public and ability to maintain services.
It expects to see a gradual recovery of EBITDA during third quarter with an expected return to largely normalized trading patterns during the final quarter of the year, subject to current uncertainties in economic recovery.
Medicover said it was taking prudent actions to minimize the financial impact where needed and would reduce investment activities over the rest of 2020.
The group has in excess of EUR200 million of undrawn credit lines, it said.
Medicover’s consolidated revenues grew 25.7% in 2019, to EUR844.4 million.
In Romania, its revenues grew 26.9%, to EUR119.1 million. Medicover Romania has 36 clinics and two general hospitals, as well as the Synevo laboratory network.