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Ramsay Health Care profit plunges 48 per cent in face of COVID-19

Mr McNally said most of those agreements had now ceased and with the exception of Victoria, surgical activity for this financial year has been above last year.

He said the pandemic had been one of the most “remarkable” periods in his 33 year career with the company but said Ramsay’s ability to quickly pivot its services and protect staff and patients was a positive.

“Our response during this pandemic has shown what an incredible and sustainable organisation we are,” he said.

The second wave of the virus in Victoria is continuing to provide challenges, with the company’s hospital sites treating COVID-19 patients while staff also support public hospitals with surgery work. Mr McNally said staff were currently providing up to 60 shifts a day in the state’s embattled aged care facilities.

Ramsay conducted a $1.5 billion equity raising earlier this year in hopes of strengthening its balance sheet as the virus disrupted daily operations.

The company flagged earlier this year that it would not declare a final dividend. Mr McNally said while the company’s longer term fundamentals remained strong, near-term uncertainties meant it was not prudent to provide earnings guidance into 2021.

Ramsay’s share price has lost close to 9 per cent in the year to date, closing at $65.61 on Wednesday.

More to come

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