The recently-sold Beacon private hospital in Dublin has reported a surge in revenue and profits on the back of increased demand for its services.
Accounts for Beacon Medical Group Sandyford Limited show turnover at the group rose by 17 per cent to €237 million last year, while operating profit doubled to €18.6 million from €9.4 million the previous year.
The strong financial performance was “driven by the increasing demand for services and adding additional capacity”, a spokesperson said.
The hospital, previously 80 per cent owned by businessman Denis O’Brien, was sold earlier this year to the asset management arm of Australian financial services giant Macquarie in a deal thought to be worth €400 million.
Accounts show the group employed 1,387 full-time staff last year, up 10 per cent on the previous period, with the increase linked to “activity”.
The spokesperson also signalled the hospital would embark on the next phase of its expansion plan in 2025, which will increase capacity by over 40 per cent.
The hospital, which currently has 251 beds and eight operating theatres, plans to extend its medical campus by redeveloping the old neighbouring Beacon Hotel site as well as a 2.7-acre site adjacent to the hospital on Blackthorn Road.
“This increase in capacity will allow Beacon to help meet the growing healthcare needs in Ireland including 70 additional beds, a new oncology day unit, four new day theatres and a new state-of-the-art emergency department.”
It also positions the Beacon Hospital as the largest private medial campus in Ireland, the spokesperson said, noting it was continuing to reinvest in upgrading equipment and expanding facilities with a capital investment programme of €15.1 million in 2023.
“This investment funded a number of important projects including the opening of a third cardiology laboratory and [an] upgrade of our PET CT machine, providing the latest innovative technology in terms of patient diagnostics as well as decreasing waiting times and increasing capacity,” the hospital said.
In the accounts directors noted cost inflation in the healthcare sector continued to grow last year “and this remains a concern”. They said the Beacon Hospital would continue to work closely with private health insurers to ensure sustainability of all clinical services.
The accounts show the group’s net debt was €76.8 million last year, comprising bank loans of €83 million plus finance leases of €5.6 million less cash of €11.8 million.
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