PRIVATE HEALTHCARE company Centric Health turned a profit for the first time last year, reversing a €2.4 million loss from the previous year.
Accounts for Aras Sláinte Limited, the holding company for Dundrum-based Centric for the year ended June 2010, show that turnover rose by 20 per cent to €32.5 million from just over €27 million the previous year, while the company posted pretax profits of €89,000.
Group operating profit stood at €883,000 compared to an operating loss of €541,000 for the same period in 2009.
Best-known as the operator and 50 per cent shareholder of the VHI SwiftCare clinics, Centric is a private healthcare provider specialising in primary care health services, medical recruitment, and diagnostics.
As well as its three SwiftCare clinics, it operates eight GP practices in Dublin. Its medical recruitment business specialises in recruiting foreign junior doctors to work in the Republic and Northern Ireland, while its diagnostic division, Global Diagnostics, is a radiology business with operations in Ireland, Britain and Australia.
The company employs about 350 people.
While the firm does not break down results for individual businesses within the group, the accounts state that just over €17 million, or 54 per cent, of the company’s turnover derives from operations in Ireland, approximately 40 per cent relates to its Australian business, with Britain accounting for the remainder.
Chief executive of Centric Health Dr Maurice Cox said the company’s global diagnostics business, which provides remote radiology services, was a key growth driver for the business.
Centric has secured six contracts to date this year in Britain, providing diagnostic services to primary care trusts. Last month it started providing teleradiology services for Ennis General Hospital. It also provides radiology services to regional hospitals, primarily in the west of Australia
Dr Cox said the company objective is further expansion, particularly in Britain, this year. Moreover, he added, it was also keen to develop partnerships with the Health Service Executive in Ireland through the operation of primary care centres.
According to the accounts, Aras Sláinte had just under €15 million in liabilties due within one year, some of which were bank loans, but has extended bank facilities for a further two years since the end of the financial year. The company also secured €4 million in new private investment during the year.
The four directors of the company are Dr Maurice Cox, James Osborne, Dr Ray Power and Dr Johnny Walker.
No dividend was paid to directors during the year.
