Carechoice records 20pc boost in profits
PRIVATE nursing home operator Carechoice recorded a 20pc increase in profits to €2.63m in 2012, despite a marginal increase in revenues.
The firm operates five nursing homes in the Munster region in Clonakilty, Dungarvan, Montenotte, Ballynoe and Macroom and employs 418.
New accounts filed by CareChoice Ltd and subsidiaries with the Companies Office show revenues at the group increased from €16.9m to €16.98m in 2012. Directors indicate the principal risk facing the firm to be occupancy. However, they state that at present, all homes have or are near full occupancy with waiting lists.
They state that they have reviewed budgets, projected cash flows and other relevant information and on the basis of this review, are confident that the group has adequate financial resources to continue in operational existence for the foreseeable future.
The directors paid an interim dividend in 2012 of €30,000 following a dividend payout of €60,000 in 2011.
The figures show the firm recorded operating profits in 2012 of €3.21m – however, net interest payable of €584,804 reduced profits to €2.634m.
The accounts state that 99pc of the group's revenues are derived from the group's principal activity that of providing nursing home care with the remaining one pc generated from the management of retirement villages adjacent to the Clonakilty and Dungarvan homes.