One of the Gulf’s leading hospital providers, London-listed NMC Health, has said it wants to expand its fertility business in the UK.
In his first interview since taking over as chief executive of the UAE-based business in March, Prasanth Manghat told The Telegraph: ‘We are currently working on opportunities in Europe and in the UK. There are not enough fertility centres in the world and we are one of the very few private providers.’
The company, which broke into the FTSE 100 this summer, entered the UAE’s burgeoning fertility market in 2013 when it established an assisted conception unit at BrightPoint Women’s Hospital in Abu Dhabi in collaboration with Oxford Fertility Unit UK. Since then, it has expanded rapidly, acquiring the Gulf’s leading fertility business Fakir IVF and Spanish fertility clinic Eugin Clinic, which boasts success rates ‘above the British average’. It also provides fertility services in Columbia, Brazil and Denmark.
Manghat told the newspaper the company was also looking to make further acquisitions in the Gulf, which could be funded through £500m on its balance sheet and in available debt.
NMC, whose shares have grown more than 10-fold since floating on the London Stock Exchange at just £2 per share in 2012, reported interim revenues of $775.2m for the six months ended 30 June 2017. EBITDA was up more than 47% year-on-year to $170.7m.
The company’s maternity and fertility business, which includes the BrightPoint Royal Women’s Hospital, reported half year revenues of $104.1m – up 20% year-on-year.