Clanwilliam Health, an Irish-founded healthcare, technology and services group that has been on the acquisition trail of late, reported a €23.3 million loss last year.
The group, which has acquired 15 businesses in recent years across Ireland, Britain, Australia and New Zealand, posted revenues of €31 million for 2018, as against €26 million a year earlier.
Latest accounts show earnings before interest, tax, depreciation and amortisation for the year totalled €9 million, down from €12.3 million in 2017.
The drop in profits came as administrative expenses rose to €22.4 million from €14.6 million and as cost of sales increased to €6.5 million from €4.1 million. In addition, the group ran up a €6.3 million fee for repaying outstanding loans ahead of time.
Clanwilliam is led by Howard Beggs, the founder of Helix Health, which was acquired by Eli Global for a reported €45 million in late 2014.
Clanwilliam employed 311 people at the end of last year, up from 219 in 2017. Staff costs increased to €12.5 million from €11 million, while directors’ remuneration fell to €507,032 from €690,453.
Group shareholders’ funds totalled €124.2 million at the end of year.