Helix Health made €582,000 profit after tax in 2008

HELIX HEALTH Group, the provider of healthcare software, made a profit after tax of €582,000 in 2008, according to accounts filed recently.

The directors of the parent company include Tom Kitt TD and the former director of Anglo Irish Bank, Lar Bradshaw. The group banks with Anglo.

Turnover for the group was €10.2 million, up from €9.38 million the previous year. At year’s end the group had shareholders’ funds of €1.56 million. The firm raised €1.25 million through the issue of shares in December 2008.

The company balance sheet shows it had fixed assets at year’s end of €30.7 million.

The accounts show that the bulk of the group’s turnover (€9.6 million) occurred in the Republic, with the rest in the UK. It received a research and development grant of €273,942 during the year from Enterprise Ireland.

The group employed an average of 85 people during the year, of which 22 were involved in software development. Total payroll costs were €4.8 million. Directors’ emoluments were €630,410.

The group had bank loans totalling €3.9 million at year’s end. Anglo has first fixed charges and first ranking security over the parent company’s property undertakings and assets, according to the accounts. Bank of Ireland has a charge over land and buildings held by the company.

The accounts show transactions between the group and companies related by the fact that they have common directors. The group was charged €36,050 during the year by Argyle Asset Management Ltd. Peter Murray is a director of both.

Nicholas Strong Consulting Ltd charged the group €20,000, for professional services. Mr Strong is a director of both.

Brentwood Investments Ltd charged the group €1.23 million for professional services. David Raethorne is a shareholder of both.

At year’s end Mr Murray, Mr Raethorne, Mr Strong and Howard Beggs all held ordinary shares, with Mr Raethorne holding the greater number.

The parent company has 20 shareholders, including IFG Trust Company Ltd, of Shannon, Co Clare, which holds 1.25 million €1 shares issued in December 2008.

Mr Kitt was appointed to the board in November 2008. He was a Minister of State when he officially launched Helix Health in May 2007, saying the company had “the opportunity to build on a shared vision of creating a fully integrated, seamlessly joined-up primary healthcare sector”.