Readcrest Capital AG reported a substantial improvement in its financial performance for the first half of 2026, driven by the strategic divestment of its U.K. care home business and continued growth in home care services. The company's consolidated revenue rose 1.6% to EUR 65.3 million, up from EUR 64.3 million in the prior-year period, according to the original release. Net income for the period soared to EUR 24.9 million, or EUR 0.71 per share, compared with EUR 0.4 million, or EUR 0.01 per share, in the same period last year. This dramatic increase was primarily due to a EUR 29.4 million gain on the sale of the U.K. care home business, which was completed on April 17, 2026.
The sale generated a net cash inflow of GBP 38.5 million (EUR 44.3 million), allowing Readcrest to repay GBP 30.0 million (EUR 34.4 million) in bank loans. Combined with the conversion of a portion of its mandatory convertible bond amounting to EUR 16.4 million, the company reduced its net financial liabilities from EUR 180.1 million to EUR 123.5 million. Cash and cash equivalents doubled to EUR 20.3 million. This strengthened balance sheet provides Readcrest with greater financial flexibility to pursue growth opportunities.
Revenue was almost entirely attributable to home care services in the U.K., which benefited from increases in local authority hourly rates effective April 1, 2026, as well as from acquisitions made since November 2025. The company has continued to expand its home care footprint after the balance sheet date, completing three additional acquisitions in England and Scotland. These transactions have not yet been reflected in the half-year financial statements.
In a further strategic move, Readcrest established a third business division for light industrial real estate in Germany by acquiring a majority stake in RC Industrie Immobilien SE. This diversification aims to create a publicly traded platform for commercial real estate, complementing the company's existing focus on healthcare services and residential development. The real estate project development segment, which has not yet generated significant revenue, is scheduled to begin construction on projects in Schwerin and Halle in 2027.
For more detailed information on the first half of 2026, the company's 2026 Half-Year Financial Report is available for download on the company's website. Readcrest Capital AG is a listed company focused on real estate and special-situations investments, relying on stable cash flows from systemically important healthcare services in the United Kingdom, particularly through its stake in Grosvenor Health and Social Care, as well as on residential construction projects in high-growth German regions and the establishment of a light industrial real estate platform through RC Industrie Immobilien SE.
The company's improved financial position and strategic expansions position it well for future growth. With a strengthened balance sheet, reduced debt, and diversified operations, Readcrest appears poised to capitalize on opportunities in both the healthcare and real estate sectors. Investors and stakeholders can find more information on the company's website at www.readcrest.com.
