Clanwilliam accounts show revenue broadly stable

Healthcare tech firm reports revenue of €90 million

Healthcare technology company Clanwilliam Group saw revenue and earnings remain broadly stable year on year as the company continued to build its business.

Accounts for the Irish-headquartered company, show revenue hit €90 million for the 12 months to the end of December 2022, a 2 per cent increase year on year. Revenue has continued to grow in recent years, up from €88 million in 2021 and around €80 million in 2020.

Clanwilliam Group which offers technology and services to a global customer base, has grown since the pandemic as the healthcare system has become increasingly digitised.

Clanwilliam started out developing and supplying practice-management software to Irish GPs and consultants, and now provides a range of electronic health technology, including software to nursing homes to manage aged care and medications, software to manage theatres and outpatient departments, speech recognition for clinical correspondence, GP management software and virtual clinics. It primarily operates in Ireland, the UK, New Zealand and Australia.

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Earnings before interest, tax, depreciation and amortisation rose from €30 million in 2021 to €31 million last year.

Operating profit for the financial year was €24 million, up from €20 million in 2021, while pretax profit was slightly higher at €7.35 million. An impairment charge of almost €5.2 million was also recorded for the year, which the company attributed to a regular review of intangible assets including goodwill, software developments and licences.

Clanwilliam continued to invest in research and development, spending €1.2 million on developing its technology. That was broadly in line with the prior year.

Staff numbers at the company were lower at the end of last year, with 1,017 staff on the books. That compared to 1.082 at the end of the previous year, with a decrease the number of administrative, management and development staff. However, that was partly offset by a small rise in the number of sales and marketing, customer service and finance staff. A total wage bill of €32.6 million was incurred for the year.

Dividends of €8 million were paid to ordinary shareholders during the year, unchanged from 2022.

Ciara O'Brien

Ciara O'Brien

Ciara O'Brien is an Irish Times business and technology journalist