July 21, 2020 / 4:30 PM / 23 days ago

Care home operator Orpea suffers rare sales drop, flags recovery

July 21 (Reuters) - French retirement and care home operator Orpea said on Tuesday its second-quarter organic revenue fell 5.5%, blaming pandemic-related closures and activity slowdown across its facilities in Europe.

The company is seeing stronger-than-expected recovery in the occupancy rates of its facilities and projects a return to a normal level of activity across nearly all its sites by the end of the year, Chief Executive Yves Le Masne said in a statement.

The owner of over 1,000 nursing homes and rehabilitation centres across 22 countries said its total revenue inched down 0.8% to 923 million euros ($1.06 billion)in the second quarter, marking a first quarterly revenue decline since its 2002 initial public offering.

Earlier this year, the company suspended its 2020 guidance and cancelled its annual dividend for the first time since 2008. , ($1 = 0.8693 euros) (Reporting by Anita Kobylinska in Gdansk Editing by Tomasz Janowski)

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