Profit and revenue rise at healthcare tech group Clanwilliam

Profit and revenue at healthcare technology company Clanwilliam Group rose last year as the impact of the pandemic receded.

Total revenue for the financial year was €88 million, up 10 per cent from 2020 when revenue was flat compared with pre-pandemic figures while operating profit was 40 per cent higher at €20 million. Earnings before interest, taxation, depreciation and amortisation were €30 million, compared with €27 million a year earlier and €24 million pre-pandemic.

Clanwilliam reversed a pretax loss in 2020 of €2.3 million to a profit last year of €7 million.

The company also increased investment in research and development by almost 20 per cent to more than €1.2 million over the year. That brings it almost on par with 2019 levels when it invested €1.29 million.

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Dividends of €8 million were paid to ordinary shareholders during the year, up from €7 million in 2021.

The Irish-headquartered company offers technology and services to a global customer base. It started out developing and supplying practice-management software to Irish GPs and consultants, and now provides a range of electronic health technology, including software to nursing homes to manage aged care and medications, software to manage theatres and outpatient departments, speech recognition for clinical correspondence, GP management software and virtual clinics.

Outside Ireland

More than 80 per cent of the company’s revenue comes from its operations outside Ireland. Clanwilliam continued its growth and international expansion over 2021, with the business growing 14 per cent in Australia and New Zealand territories over the year. In the UK, its business grew by 4 per cent.

Employee numbers were just shy of 1,100 in 2021, with staff working out of 19 offices on three continents.

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The company noted several risks including the potential impact of an interest rate rise. Clanwilliam has a €131.6 million loan facility priced at a margin above Euribor. Interest rate rises imposed by the European Central Bank would push the cost of financing this higher.

Inflation could also pose a threat, with prices rising sharply in its core markets during 2022. “This may have an impact on the cost base, the largest portion of which is payroll,” said the company. “It may not be possible to quickly pass on these price increases to our customers and margins may be adversely affected in the medium term.”