Nursing home operator CareChoice enjoys 20% hike in profits to €2.63m

Nursing home operator CareChoice recorded a 20% increase in profits to €2.63m in 2012, in spite of only a marginal increase in revenues.

The firm operates five nursing homes — Clonakilty, Dungarvan, Montenotte, Ballynoe and Macroom — with the numbers employed increasing to 418.

According to accounts filed by CareChoice Ltd and subsidiaries with the Companies Office, revenues at the group increased from €16.9m to €16.98m in the 12 months to the end of December 2012.

According to the directors, they consider the chief risk facing the firm to be occupancy. However, they state that at present, all homes have, or are near, full occupancy with waiting lists.

They state that they have reviewed budgets, projected cash flows and other relevant information and, on the basis of this review, are confident the group has adequate financial resources to continue in operational existence for the foreseeable future.

The directors paid an interim dividend in 2012 of €30,000 and this followed a dividend payout of €60,000 in 2011.

The figures show that the firm recorded operating profits in 2012 of €3.21m.

However, net interest payable of €584,804 reduced the firm’s profits to €2.634m.

The directors at balance sheet date were Tom English, Paul Kingston, Aisling Lane and Michael Lane.