Southern Cross is the leading provider of Care Homes in the UK, with over 720 care homes and 37,000 beds nationwide. We offer a range of care services, including Nursing, Residential and Dementia Care.

And from today’s trading update:

…higher than normal attrition rates of nursing residents, have resulted in lower than anticipated occupancy levels.

(In turn, hitting earnings, tripping ebitda covenants on loans and leading to possible default – waived until July 28th.)

Doop. Doop. Doop. Doooooooooooooooooop…

Shares in Southern Cross currently trading down a staggering 83 per cent this morning at 54.75p.

Related links
Southern Cross shares plunge – FT
NHS plots the long road to recovery – FT
Co-operative funeral directors

This entry was posted by Sam Jones on Monday, June 30th, 2008 at 9:49 and is filed under Capital markets, People. Tagged with southern cross. Edit this entry.