Blackrock makes €15m profit

THE BLACKROCK Hospital group, which runs the Blackrock private hospital in Dublin, made a pretax profit of €15.26 million in 2007, a substantial increase on the €11.78 million made in 2006.

Accounts just filed state that “significant investment in new and existing services in recent years enabled the hospital to increase activity in many specialities.

“Consequently the hospital recorded an increase in turnover of 12 per cent, which resulted in an increase in profit before taxation.”

The accounts state the group’s development of three extra floors at the hospital and a multi-storey car park, will cost more than €100 million. The three new floors are expected to be available for use by the end of 2009, according to the accounts. The group paid a dividend of €4.12 million to shareholders in 2007.

The accounts state that medical inflation continued to exceed price increases received from insurance companies during the year.

“In-patient occupancy increased during the year in line with increased activity and the number of day cases also increased, continuing the trend in recent years whereby more procedures are being performed on a day case basis.”

Turnover for 2007 was €86.9 million, up from €77.3 million the previous year. At year’s end, accumulated profits for the group were €28 million and shareholders’ funds €41 million.

Directors of the group who held shares during the year were George Duffy, James Sheehan, Joseph Sheehan, Larry Goodman and John Flynn. The accounts state that, during the year, Mr Duffy provided medical services to the hospital at a cost of €360,787.

Also during the year the group rented land from Hestow Ltd, which is controlled by the shareholders of the group. The amount involved was €101,875. The accounts for Hestow state it has a bank loan facility for €29 million that is secured by a mortgage on the assets of the company.