A PRIVATELY-owned hospital in Galway has recorded combined pre-tax profits of €31.9 million over the past two years, new figures show.

Accounts just lodged by the Galway Clinic to the Companies Office for 2011 and 2010 show that revenues at the clinic have climbed by 25 per cent from €68.9 million in 2009 to €86.3 million last year.

One of the country’s best known businessmen, Larry Goodman, is a shareholder in the business and the numbers employed at the hospital climbed by 32 to 541 last year.

The figures show that pre-tax profits at the clinic last year increased by 8 per cent to €16.6 million from €15.3 million in 2010 as revenues climbed by 6 per cent from €81.2 million to €86.3 million.

According to the directors’ report, “2011 was a challenging year for the Galway Clinic. However, maintaining key business strategies focused on patients, staff, community and financials, resulted in continued growth in the number of patients attending the Galway Clinic and an improvement in financial performance.”

The number of patients treated at the clinic increased from 60,132 to 67,693.

Chief executive and founding director of the Galway Clinic, James Sheehan also established its sister hospital, the Blackrock Clinic in Dublin.

The directors state that the firm’s cash position has improved and at the end of last year had cash of €17.7 million. In June 2014, a debt obligation of €36 million is due which the directors said they are confident of meeting.