...November 9, 2023 Results in the homecare division remain below pre-pandemic levels, partially offset by good performance in wholesale, ForLife, and Vitalcare. Revenues in first-half 2023 grew marginally by about 5%, thanks to growth in ForLife (stoma care products) and in the wholesale divisions. But homecare's performance was weak. This is GHD's largest division, focusing on artificial nutrition, stoma and incontinence care, tracheostoma and wound treatment, immunology, antibiotic treatments, and pain treatments. Homecare has been pressured by pandemic-related disruptions as well as competitive pressures and the poaching of medical personnel. Despite access to clinics no longer being limited, we believe GHD is now experiencing some market share loss, affecting operations and performance in homecare. This has affected the group's reported EBITDA margin, which was 3% in first-half 2023, from 5% in first-half 2022. The margin decline was also driven by higher material costs due to inflation,...
