Centric Healthcare narrows losses to €9m

Pre-tax losses at Centric Healthcare, the largest privately-owned provider of primary healthcare in the country, narrowed last year by 20 per cent to €9 million.

Revenues at Primary Slainte Ltd rose by 18.5 per cent to €74 million in the 12 months to the end of June last, as the business continued to expand.

The increase in income coincided with Centric Healthcare spending a further €5 million on the acquisition of new practices.

The business also spent a further €3.3 million on the acquisition of tangible fixed assets last year.

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The €9 million pre-tax loss followed a pre-tax loss of €11.43 million in fiscal 2020. The loss took account of interest payable and other charges of €8.6 million, and combined non-cash depreciation and amortisation costs of €10.8 million.

A note to the accounts states that during the year, the group successfully completed the disposal of its Irish diagnostic businesses to the Medica Group for an initial consideration of €16.3 million and it sold property for €1.6 million.

Post the year end, the directors state that in July of last year, the group completed the acquisition of Spectrum Mental Health for €2.8 million for a 70 per cent shareholding.

Centric Healthcare was founded in 2003 by Dr Maurice Cox and Dr Ray Power and numbers employed by the group last year increased by 181 to 777. Staff costs rose by 14 per cent from €29.7 million to €33.7 million.  Directors' pay totalled €1.1 million last year and lease charges increased from €2.3 million to €3.45 million.

Centric Healthcare's Irish revenue totalled €69.37 million last year and it recorded income of €4.7 million in the Netherlands following its move into that market.

The group’s cash funds increased from €8.5 million to €11 million. Addressing the group’s going concern status, the directors state that they are satisfied that it will be in a position to meet its obligations as they fall due.