Hospital group returns to profit
Published 23/11/2016 | 02:30
THE country's largest privately-owned hospital group last year returned to profit to record profits of €2.3m.
New figures show Cork-based Bon Secours Health Systems Ltd (BSHS) returned to profit after revenues increased by 4pc to €230m.
The group employs 2,700 staff, along with 350 leading medical consultants, in privately-run hospitals in Cork, Dublin, Galway and Tralee. It provides care to 200,000 patients annually.
"Operating in a difficult and competitive environment through 2015, the group generated a profit of €2.3m - a significant improvement from the loss of €59,000 reported in 2014," according to the directors' report.
Last year, the group invested €9m in upgrading facilities and plans to make further investments of €150m between now and 2020 in expanded and new services around its network of hospitals.
Earlier this year the group agreed to buy Barrington Hospital in Limerick for a reported €15m.
Last year, patient numbers increased at the not-for-profit group by 4.3pc to 99,944 cases, driven by growth in daycare activity in particular.
The directors state that "while the health sector continues to face many challenges in the short to medium term, BSHS has made significant progress during 2015. Investment in the BSHS brand has resulted in a heightened awareness of our services and national presence, and has positioned the group for further growth in the immediate future".
The group last year recorded an operating profit of €2.85m and net interest payments of €545,000 reduced the group's profits further to €2.3m. Accumulated profits stood at €73m at year end, debt totalled €20m and the group made charitable donations totalling €513,000.