Buggies push up profits at Intercare

INTERCARE, the acquisitive medical equipment manufacturer and distributor, has doubled turnover and increased profits by 138 per cent in the year to 31 October.

The Manchester-based company chalked up taxable profits of pounds 3.6m against pounds 1.5m. Sales were pounds 29m against pounds 14.9m.

Intercare's original business was supplying opticians, dentists and pharmacies. It has also moved into making and selling motorised buggies for people who have difficulty walking, mostly the elderly.

Profits from buggies, helped by acquisitions, jumped from pounds 591,000 to pounds 1.9m. Buggies now account for a quarter of turnover and half the profits of the whole company.

Intercare said that organic profits growth was 25 per cent. Most of the acquisitions were paid for using equity. Earnings per share rose 26 per cent to 9.5p. The dividend is 30 per cent higher at 2.6p.

The shares, which trade on the soon to be abolished Unlisted Securities Market, rose 2p yesterday 194p. The stock is 9p off its record of 203p, achieved earlier this month.