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Pulse Health Group Substantial Shareholder Wyllie Group Increases Stake

Pulse Health Group (ASX: PHG) substantial shareholder Wyllie Group has increased its shareholding in the company to 40.72%.

Wyllie Group purchased a further 2.4 million shares for a total consideration of A$117,488, or around $0.05 per share taking the total number of shares held to 193.8 shares.

Pulse Health Group continues to leverage the profitable private hospital sector, which is a strategy that is paying off.

With the acquisition of the Eden Rehabilitation Hospital, revenue from continuing operations grew to $24 million for the first half of the 2013 financial year, a $4.7 million or more than 24% increase over the same period in the previous financial year.

Net profit before tax was $0.8 million, which is a $0.3 million improvement on the first half of the 2012 financial year.

Excluding the Eden acquisition costs of $0.3 million, the net profit after tax was $1 million, a 69.6% increase over the previous corresponding period.

EBITDA came in at more than 27%, or $0.6 million, higher at $2.8 million.

Pulse Health decreased its net debt position by $0.4 million to $23.5 million in the first half of the 2013 financial year.

Strong outlook

The company continues to trade in advance of prior comparatives and is well placed to generate increased returns.

Pulse Health is progressing its brownfield expansion plans, which is expected to add bed capacity during 2013.

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