Clanwilliam Health reports €23.3m loss as revenues rise

Group is led by Howard Beggs, founder of Helix Health, which was bought by Eli Global

Clanwilliam employed 311 people at the end of last year, up from 219 in 2017

Clanwilliam employed 311 people at the end of last year, up from 219 in 2017

 

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.