Hermitage Clinic profits up 85%

Pre-tax profits at the private health clinic co-owned by businessmen Seán Mulryan and Larry Goodman last year increased by 85% to €4.2m.

Newly filed accounts for Hermitage Clinic Ltd, showed revenues increased by 5% from €54m to €56.9m.

The 101-bed private hospital is situated in Lucan, and numbers employed by the company last year increased from 379 to 389, with staff costs totalling €18.92m.

According to the directors’ report, “during the year, the hospital continued to suffer further price reductions from health insurers and other purchasers.

"In order to mitigate this, the hospital increased activity levels and achieved cost savings through improved efficiency and more aggressive procurement which resulted in improved profitability.”

The firm’s shareholders have contributed €26m to the business up to the end of last year and the directors point out that they are satisfied the clinic’s level of funding is adequate to support its ongoing financial requirements for the foreseeable future.

The accounts state that “the company is expected to continue to generate profits and positive cash flows on its own account for the foreseeable future”.