05:25 PM EDT, 05/15/2024 (MT Newswires) -- Extendicare ( EXETF ) Wednesday said its first-quarter profit rose 11% on higher revenue.

The seniors' residences and health-care company said it earned C$13.1 million, or C$0.15 per share in the period, up from C$11.58 million, or C$0.14, in the year prior quarter.

Revenue rose 13% to C$367.1 million from C$324.71 million.

Home health care growth continued, with Q1 average daily volume (ADV) increasing to 29,007, up 11.4% from Q1 2023.

"We continued to see the benefits of our strategy in action in the first quarter, with double-digit growth across our home health care and managed services segments. Funding increases for long-term care included in the Government of Ontario budget announced in March will go a long way to restoring the financial stability of the sector and support our redevelopment program. The societal need for the critical services we deliver has never been more apparent, positioning us for continued growth in future quarters," chief executive Michael Guerriere said in a release.

The company's shares closed up C$0.05 to C$7.72 on the Toronto Stock Exchange.