Net profit attributable to owners of the company recovered to $0.6 million from a loss of $2.9 million, supported by the Ebitda uplift and a reversal of impairment losses. Operating cash flow strengthened significantly to $4.3 million from $0.9 million, reflecting stronger earnings and working capital management.
The way Ng sees it, Livingstone’s growth prospects are supported by several factors. This includes an earnings rebound in FY2025; the strategic acquisition of Phoenix Medical Group, which enlarges its GP network and enhances cross referral opportunities; and ongoing expansion of service capabilities through specialist recruitment and partnerships to capture increasing healthcare demand.
In FY2025, Livingstone completed the acquisition of Phoenix Medical Group, significantly enlarging its GP clinic footprint and enhancing its primary to specialist referral capabilities. It also launched a majority owned specialist clinic focused on nerve and muscle disorder diagnostics, broadening its subspecialty coverage. Integration efforts continued with the consolidation of Atlas Podiatry, increasing the group’s stake to 85% to deepen control and operational synergies.
Ng also notes that favourable structural tailwinds from Singapore’s ageing population, rising healthcare expenditure, and government-led Healthier SG initiatives, as well as a stronger balance sheet, underpinned by its $1.0 million net cash position and a $3.0 million term loan facility to fund expansion, will support growth.
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Key Risks include execution and integration challenges from recent acquisitions, market competition affecting talent retention and margins, rising costs, and regulatory changes.
As at 11.10am, shares in Livingstone are trading at 2.4 cents.
