THE COMPANY that operates the privately run Barringtons Hospital in Limerick last year returned to profit to record an operating profit of €319,098.
Accounts just filed with the Companies Office by Barringtons Hospital Ltd showed the hospital recorded the profit after it increased its turnover by 9 per cent from €6.7 million to €7.4 million to the end of December 2009.
The returns showed the company’s operating profits were reduced by interest payments of €172,534 resulting in a pre-tax profit of €166,864. This followed the company’s pre-tax loss of €346,988 in 2008.
The company opened Barringtons hospital in 1994, six years after government cutbacks forced its closure as a public hospital.
A spokesman for the hospital said yesterday that “considering the difficult economic environment, we are very satisfied with the growth we had in 2009”.
He added: “We have been around for the last 15-17 years and we intend to be around for the next 15-17 years. The name of the game today is survival.
“Any business that is able to survive today has to be satisfied.”
The spokesman said that Barringtons had expansion plans worth €5 million in place, which included the development of 20 new beds and two new theatres.
He added: “The property adjacent to the hospital has been bought for the expansion and it is a question of confidence for the directors, the shareholders and the bank as to when it goes ahead.”
The spokesman said the company had enjoyed organic growth. No staff were made redundant during 2009 and the figures showed 77 were employed at the end of last year, which included 61 medical staff, 12 administrative staff and four finance staff, he added.
The filings showed the staff’s salaries fell from €2.4 million to €2.3 million.
The accounts also took into account €625,459 written off in depreciation.
The filings stated there was a small number of ongoing cases being handled by the company’s solicitors, which could result in compensation being paid by the company to the plaintiffs.
They stated: “In the opinion of the directors, the company’s insurance policy will be adequate to cover any potential compensation payments . . . The directors are satisfied that adequate provision has been made to cover all potential costs associated with the cases.”
The accounts showed the company’s legal and professional fees came to €235,467 last year.
Auditors for the company, the HDS Partnership, noted that the company’s total liabilities exceeded its total assets by €28,265.
They stated that these conditions, along with other matters, indicated “the existence of a material uncertainty, which may cast significant doubt about the company’s ability to continue as a going concern”.
