Beacon Hospital hails its first profit since sale
The Beacon Hospital in Dublin last year recorded an operating profit for the first time under the ownership of billionaire businessman Denis O'Brien.
New accounts filed by Beacon Medical Group Sandyford Ltd and subsidiaries show that the business recorded an operating profit of €3.1m, following an operating loss of €1.3m in 2017 - a positive swing of €4.5m.
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The hospital group recorded the operating profit after revenues increased 18pc, from €103.9m to €122.66m. Beacon Hospital Group chief financial officer Daragh Kavanagh said: "We are very pleased with the performance, which is underpinned by a big uplift in activity."
Last year, the 199-patient-bed hospital, which employs 1,400 consultants, nurses and healthcare professionals, had over 130,000 patient visits.
Mr Kavanagh said the key metric of the hospital's financial performance was earnings before interest, tax, depreciation and amortisation, and this last year increased by 80pc, from €6.7m to €12m.
He said: "We have built excellent momentum in recent years and we are confident that we can build on that."
The group last year recorded a pre-tax loss of €2.3m, down 67pc from €6.1m in 2017. The pre-tax loss takes account of notional interest payments of €4.13m to 80pc shareholder Mr O'Brien, and 20pc shareholder the Beacon Medical Group that the company does not pay. Mr Kavanagh said the notional interest payments are included due to accounting rules.