Irish-backed healthcare firm’s profits fall

Pre-tax profits at the UK-based healthcare group backed by well-known Irish investors, Dermot Desmond, JP McManus and John Magnier last year declined by 23.5% to £20.7m (€26.5m).

New accounts filed by Barchester Healthcare Ltd to Companies House in the UK, show that it recorded the drop in profits in spite of revenues increasing by 7% from £463m to £495.4m in the 12 months to the end of December 31 last.

The figures show that a dividend ‘in specie’ or stock dividend of £111m was paid during the year and this was in the form of a waiver of inter company indebtedness.