MD Medical Group completes work to expand and modernise its Health Clinic in Moscow
MD Medical Group Investments Plc (“MD Medical Group”, “MDMG” or the “Company” – LSE: MDMG), Russia’s leading provider of private healthcare for women and children, announces that its Mother & Child Health Clinic in Moscow welcomed patients toits new and modernised departments on 23 May 2013.
As part of this far-reaching modernisation programme, a new Medical and Genetic Centre was opened, which offers a wide range of services for pregnant women. These include: consultations on medical and genetic issues by highly experienced geneticists, Ob-Gyn ultrasound, maternal blood tests for the early detection of genetic abnormalities in the foetus, invasive prenatal diagnostics, and diagnostics in the field of genetic causes of infertility.
As part of the extensive modernisation project, the X-ray facilities were modernised and the clinic now boasts a modern X-ray room providing a full range of radiology and mammography services. In addition, the Gynaecology and IVF departments were enlarged and a new IVF Laboratory was opened.
The total project investment was around RUB 200 million, of which RUB 80 million went on purchasing additional premises, RUB 80 million was invested in the maintenance and modernisation of the premises, and RUB 40 million was spent on purchasing new technical equipment. The project took 18 months to complete.
Commenting on the successful execution of this ambitious project, Elena Mladova, Chief Executive Officer of MD Medical Group, said:
“We continue in our unceasing focus on patient care and remain wholly committed to providing new services to a wider number of people.
“By implementing this expansion and modernisation project at the Clinic of Health in Moscow we now offer an even greater number of services for expectant mothers who are cared for by leading doctors in our facilities. In addition to these qualitative improvements, this project has allowed us to achieve quantitative changes: the Gynaecology department saw a 35% increase in capacity, while the IVF department increased capacity by 40%.
“We continue to see demand for private health services significantly outstrip available supply and we believe that our business has sizeable potential for growth going forward both in Moscow and in the region.”
This press release contains forward looking statements, which are based on the Company’s current expectations and assumptions and may involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. The forward looking statements contained in this press release are based on past trends or activities and should not be taken that such trends or activities will continue in the future. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a number of variables which could cause actual results or trends to differ materially, including, but not limited to: conditions in the market, market position of the Company, earnings, financial position, cash flows, return on capital and operating margins, anticipated investments and economic conditions; the Company’s ability to obtain capital/additional finance; a reduction in demand by customers; an increase in competition; an unexpected decline in revenue or profitability; legislative, fiscal and regulatory developments, including, but not limited to, changes in environmental and health and safety regulations; exchange rate fluctuations; retention of senior management; the maintenance of labour relations; fluctuations in the cost of input costs; and operating and financial restrictions as a result of financing arrangements.
No statement in this press release is intended to constitute a profit forecast, nor should any statements be interpreted to mean that earnings or earnings per share will necessarily be greater or lesser than those for the relevant preceding financial periods for the Company. Each forward looking statement relates only as of the date of the particular statement.
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