Regis Healthcare shares are on a tear on increased profit guidance

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Shares in Regis Healthcare are on a tear after the aged care provider upped its forecast for full year profits by between 5% and 10%.

The company announced an increase in half year pro forma net profits of 62% to $29.6 million on a 51% increase in revenue to $219.4 million.

However, net profit attributable to members decreased by $2.6 million to $15.1 million, a fall of 10%.

Managing Director Ross Johnston says the strong performance means he now expects earnings and profit to exceed forecasts by between 5% and 10%.

The company, in its September prospectus, forecast a profit of $33.2 million this financial year.

Its shares are trading 10.5% higher at $5.03. The IPO price was $3.65.

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