Jill Taylor (Nikitakis), Fronditha Care President and Board Chair, addressed over 40 members at the organisation’s Annual General Meeting (AGM) on Tuesday, November 29.
In her opening address, the President said: “The turnaround phase of Fronditha Care is now almost complete. We have the right strategy, the right people, and the right culture.”
“Every aspect of the business has been strengthened – the board, management, operations and significantly our service delivery through a continuum of care. Fronditha Care’s solid results for the FY22 are testament to the effective and successful implementation of its transformation strategy,” the President added.
“I am delighted to report that under the committed leadership of CEO, Faye Spiteri OAM, we have met the commitments we made in FY21 and exceeded FY22 forecasts– a result achieved while navigating the many challenges of the aged care sector reforms.
“Fronditha Care achieved a significant EBIDA of $6.5 million in comparison to the FY21 of $1.8 million. This result was supported by increases in productivity across its business, represented by growth of greater than 24% in revenue to $76 million. Noting the impact of amortisation, the normalised financial result was $204,000 surplus, $4.1 million better than last year’s reported result.
“This is another milestone that represents the fresh wind in Fronditha Care’s journey. Fronditha Care has delivered strong results for FY22 as part of our turnaround strategy which is now accelerating into a new phase. With positive EBIDA and operating cashflow, we are strongly positioned for the future.”
The President noted that the FY22 results have confirmed the belief in the organisation and its future as a significant aged care provider. She added: “With a working capital of $6.5 million and no debt, the organisation is set to build on this momentum in the coming year and beyond.”
Despite difficult external factors, the overall results are beyond what the organisation expected to deliver and importantly produced at a time when most providers in the aged care sector are delivering operating losses.
The President presented a detailed report to the members, reflecting on the year, highlighting the achievements of Fronditha Care, whilst noting the significant challenges it had to overcome noting the contribution of the 730 strong team.
“Throughout this year, the COVID-19 pandemic and its human, economic and social consequences continued to present challenges to us all. Despite these difficult times, at Fronditha Care our skilled, passionate and committed people demonstrated resilience and adaptability to ensure they continued to deliver high quality services to support our residents, clients, their families and the broader community,” the President said.
She underlined some of the most significant moments for Fronditha Care, such as the Bounty of Care Staff Excellence Awards, the successful EOFY campaign for a community garden, the Fronditha Care funding towards dementia research, and $1.5 million grant to establish a Fronditha Care Foundation and Centre for Healthy Ageing.
Mr Kostas Livadaras, Treasurer, provided a comprehensive financial report for members, describing the factors which had led to financial turnaround and emphasising the measures in place to ensure Fronditha Care continues to perform well financially and deliver its services efficiently without diminishing the quality of care.
Members congratulated the Board, CEO and Executive team for their hard work and the significant positive turnaround applauding the impressive results delivered, noting they looked forward to the continued success and organisational progress.
Jill Taylor (Nikitakis), who served her nine-year term on the Board, paid tribute to those who supported her journey across the years; thanking the Board, Executive and the members for all their support, especially the last two years that she was elected President.
“It’s a great privilege to have been afforded the opportunity to serve and contribute to my community and our members for the best part of a decade,” she told the meeting.
Faye Spiteri OAM, CEO, Fronditha Care, on behalf of the organisation, and extended Fronditha Care family, thanked the President for her leadership, and her important and significant contribution across the years of her tenure.
The meeting unanimously endorsed three candidates who nominated for election to the Board of Directors.
Fronditha Care is pleased to announce that the 2022 Fronditha Care Board members are:
- Dr Stella Laletas-President and Board Chair
- Mr Nick Giasoumi – Vice- President-
- Mr Kostas Livadaras- Treasurer
- Mr Alex Krassas- Secretary
- Dr Paki Rizakis – Director
- Mr John Kallistas – Director
- Mr Jim Babalis – Director
- Mr Jim Karabinis – Director
READ MORE: With a commitment to build on its legacy, Fronditha Care marks 45 years service to Greek community.
, Fronditha Care President and Board Chair, addressed over 40 members at the organisation's Annual General Meeting.){kind=link}