Ennis recruitment firm increases profits

TTM Healthcare, led by Brian Crowley, continued to grow in 2021. Picture: Brian Arthur/Press 22

Pre-tax profits at Ennis-headquartered healthcare recruitment firm TTM Healthcare increased by 8% to €7.2m in 2021.

The business is led by former Irish boxing international Brian Crowley and the business continued to grow in 2021 as revenues increased by 18%, rising from €81.75m to €96.63m.

Mr Crowley is also a former EY Entrepreneur of the Year finalist and the business has offices in Mr Crowley’s hometown of Ennis and in Dublin, Cork, and Manchester.

The directors state that “the excellent momentum achieved in 2021 has continued particularly strongly into 2022 as we experience continued significant demand across all of our service areas”.

Paying tribute to “the amazing efforts of all our talent”, the directors anticipate “revenue and earnings growth to continue throughout 2022”.

The group manages, supplies, and delivers “innovative health and social care solutions” to the public, private, and not-for-profit sectors in the Republic of Ireland, Northern Ireland, mainland UK, and the Middle East.

Numbers employed by the business rose from 1,844 to 3,080 in 2021 and staff costs rose by 14% from €66.95m to €76.2m.

Operating profits

The firm’s operating profits more than doubled, rising from €4.2m to €9.7m.

However, operating profits were reduced by net ‘other operating expenses’ of €2.25m and interest payable of €242,002.

The operating profit also takes account of combined non-cash depreciation and amortisation costs of €1.05m.

The business recorded post-tax profits of €6.16m after paying corporation tax of €1.06m. Directors’ pay more than doubled from €200,000 to €439,690 made up of pay of €184,690 and pension contributions of €255,000.

The directors state that TTM Healthcare Solutions is a specialist in healthcare talent management and healthcare process outsourcing.

“We send over 3,000 healthcare professionals to work in flexible frontline and support service roles every week and place 3,500 permanent roles annually.” 

At the end of December 2021, the group’s shareholder funds totalled €22.3m while its cash funds increased from €10m to €18.14m.

The directors further state that the group’s Health and Social Care business experienced 25% increase in turnover from €21,337,251 to €26,699,957 in 2021.