Beacon Hospital posts €3.1m operating profit
Revenues up 18% to €123m at Sandyford healthcare facility
Last year, the 199-patient-bed Beacon Hospital had more than 130,000 patient visits. Photograph: Cyril Byrne
The Beacon Hospital in Dublin turned a profit for the first time under Denis O’Brien’s ownership last year.
New accounts filed by Beacon Medical Group Sandyford Ltd and subsidiaries show that the business recorded an operating profit of €3.1 million following an operating loss of €1.3 million in 2017.
The swing came as revenues increased by 18 per cent from €103.9 million to €122.66 million.
Last year, the 199-patient-bed hospital – which employs 1,400 consultants, nurses and healthcare professionals – had more than 130,000 patient visits.
Chief financial officer Daragh Kavanagh said the group was “very pleased” with the numbers, particularly an 80 per cent rise in earnings before interest, tax, depreciation and amortisation – seen as a good measure of cashflow – to €12 million.
The group last year recorded a pretax loss of €2.3 million, down 67 per cent from a pretax loss of €6.1 million in 2017.
The pretax loss takes account of non-cash items including depreciation of €8.8 million and notional interest payments of €4.13 million to 80 per cent shareholder, Mr O’Brien and 20 per cent shareholder, the Beacon Medical Group that the company doesn’t pay.
Mr Kavanagh said that the notional interest payments are included due to accounting rules.
He siad the business is trading “very positively” so far this year.
Directors’ pay at the facility increased from €847,500 to €926.250 last year.
Mr O’Brien took control of the business in 2014 when he acquired the €212 million loans attached to it.
Shareholder funds at the end of last year totalled €21 million.