Profits soar at private hospital

A privately owned hospital in Galway has recorded combined pre-tax profits of €31.9m over the past two years.

Accounts lodged by the Galway Clinic to the Companies Office for 2011 and 2010 show that revenues at the clinic climbed by 25%, from €68.9m in 2009 to €86.3m last year.

One of the country’s best known businessmen, Larry Goodman is a shareholder in the business and the numbers employed at the hospital climbed by 32 to 541 last year.

The figures show that pre-tax profits at the clinic last year rose 8% to €16.6m from €15.3m in 2010.

According to the directors’ report, “2011 was a challenging year for the Galway Clinic. However, maintaining key business strategies focused on patients, staff, community, and financials, resulted in continued growth in the number of patients attending the Galway Clinic and an improvement in financial performance.”

The firm had cash of €17.7m at the end of last year, but the directors add: “In Jun 2014, a debt obligation of €36m is due. We are confident of meeting that obligation.”

The company’s accumulated profits at the end of last year stood at €39.1m with net assets of the same amount.