Unexplained expenses spoil Orchard’s profits

In a somewhat cryptic set of results for the year ended 31 March 2012, Orchard Care Homes.Com achieved a turnover of £58.7m, an increase of 37% on the previous year’s £42.8m. However, due to unexplained administrative expenses of £18.5m (around 35% of total turnover), the operator made an operating profit of £88,000 (2011: £26.7m) and…