July 21, 2020 / 4:42 PM / 24 days ago

Care home operator Orpea suffers rare sales drop, flags recovery

(Reuters) - French retirement and care home operator Orpea (ORP.PA) 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 (832 million pounds) 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.,

Reporting by Anita Kobylinska in Gdansk; Editing by Tomasz Janowski

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