Company behind Galway Clinic posts €6m profit for 2008

THE COMPANY operating the Galway Clinic in Doughiska, Co Galway, made a pre-tax profit of €6.1 million in 2008, a doubling of the previous year’s return.

The turnover of Galway Clinic Doughiska Ltd rose to €58.25 million, from €51.56 million the previous year, while operating expenses only rose by €3.5 million. The profit margin after tax was 8.6 per cent, up from 7.5 per cent the previous year, according to the 2008 accounts which were filed recently.

The accounts state that Marpole Ltd is the operating company’s ultimate parent and that surgeons James Sheehan and his son Joseph own 50 of Marpole’s 100 issued shares. Co Louth businessman Larry Goodman owns 40 by way of Parma Investments BV. Another company, BMD Investments Ltd, controlled by Brendan McDonald, owns 10 shares in Marpole.

Shareholders’ funds at the end of the year were €1.55 million, having been in deficit at €3.43 million the previous year.

The notes to the Galway Clinic accounts state that €2.5 million was reinvested in the company during 2008 and that the reinvestment programme for this year includes the construction of two additional floors containing 45 new beds, a day oncology unit, eight additional daycare beds and the opening of a second radiotherapy bunker. The total cost is to be €14 million, the accounts state.

The total number of patients treated during the year was 60,000, including 2,830 patients treated under the National Treatment Purchase Fund.

The company employed 404 full-time equivalent staff during the year, excluding contract and agency staff, at a cost of €20.5 million. The accounts state that Marpole purchased lands on which a related company, Blackrock Medical Partners Ltd, developed the medical centre. Once the hospital was completed the land was then disposed of to unrelated parties, while at the same time Blackrock Medical Partners sold the building to unrelated parties. Marpole may repurchase the land and hospital in specified circumstances.