Wednesday 25 April 2018

Surgery firm in breast implant row files €92,000 loss

Gordon Deegan

THE cosmetic surgery firm that fitted 1,100 Irish women with below-grade silicone breast implants went into the red last year.

New figures show that the Dublin-based Harley Medical Group Ireland Ltd recorded a pre-tax loss last year of €92,450, following a pre-tax profit of €232,642 in 2010.

The company went into the red after revenues decreased by 37pc from €2.3m to €1.45m in the 12 months to the end of June 30, 2011.

Earlier this month the Department of Health confirmed the State would fund the removal of defective breast implants after the collapse of efforts to have the treatment provided by the Harley Medical Group (HMG), which treated 1,100 of the 1,500 women fitted with the implants.

Accounts

The abridged accounts for last year outline HMG's deteriorating finances, with the firm having a shareholders' deficit of €29,277 last June -- this followed shareholders' funds of €104,359 in 2010.

Accounts for 2008-2010 show the firm generated a combined turnover of €9.5m and pre-tax profits of €1.78m from surgeries over those three years.

During the same period, the accounts confirm the firm paid €2.4m in dividends to its UK-parent.

However, last year the group recorded an operating loss of €78,628 compared to a profit of €254,954 in 2010.

Liposuction

Its Dublin clinic has been in place for 10 years and is part of a network of 31 clinics the group has in the UK and Ireland.

The firm's website states that its Dublin clinic offers a range of plastic surgeries including breast reduction and enlargement, eye bag removal, face-lifts, nose and ear reshaping, liposuction and fat removal.

The firm's cash last year declined from €218,762 to €56,300.

The figures show that since 2008, revenues at HMG have plunged by 66pc from €4.29m to €1.45m last year.

Of the 1,550 women in Ireland believed to have had them implanted over the last 10 years, 138 have experienced a rupture -- 35 of whom had ruptures in both breasts.

While studies have since found that the industrial-grade silicone poses no health risks, the women have been advised to have the objects removed.

The defective implants found to contain industrial grade silicone used to stuff mattresses was created by French firm Poly Implant Prothese that has since gone out of business.

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