Recruitment group TTM Healthcare, led by a former Irish national boxing champion Brian Crowley, is set for a knock-out year in 2014 with revenues expected to surge by 40% to €40m.
Last year, the group recorded sales of €28m with earnings before interest, tax, depreciation and amortisation totalling €600,000.
Mr Crowley said yesterday that the projected revenues of €40m this year “demonstrates a 6th year of consecutive revenue growth”.
A six-time national boxing champion and winner of a European bronze medal, Mr Crowley said: “The company is now in its second year of significant investment in people, systems and technology and we are already seeing returns on these investments with profit growth strong in 2014 and further growth projected for net margins for 2015.”
The Co Clare-born CEO said that a significant portion of the €40m in revenues this year “is generated from export markets, particularly in the United Kingdom, Germany and the Middle East”.
Currently, the group employs 187 core staff with 800 locums working across the UK, Germany and Ireland.
Mr Crowley said that the €600,000 in earnings before interest, tax, depreciation and amortisation last year demonstrates that the return on investment “is beginning to kick in”.
Shortlisted in the international category of the Ernst & Young Entrepreneur of the Year 2014, Mr Crowley said that 50 of staff are based at the firm’s Ennis HQ.
In 2011, TTM secured one of the preferred provider places in a HSE-run procurement competition for firm’s providing agency workers.
However, the procurement exercise had a significant effect on margins of healthcare recruitment companies with average margin reductions of 60% generated.
As a result, this section of the market is more competitive than ever as a result and currently a modest percentage of group revenues are generated working with the HSE, based on the growth of TTM’s international and healthcare services business.
The group’s main Irish subsidiary, TTM Healthcare Ltd has just filed annual accounts with the Companies Office and they show the firm recorded revenues last year of €22m with pre-tax profits of €334,522.
The numbers directly employed by the firm last year totalled 496 with staff costs of €20m.
According to the directors’ report, the firm focused a lot of its efforts on building its locum/temporary network side of its operation and “as a result, the business has experienced exponential increases in turnover and continues to perform very strongly”.
Accumulated profits at the end of January 31 last totalled €1.51m with cash of €151,735.
Directors’ emoluments last year totalled €198,031.
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