Losses at healthcare group Aras Sláinte rise to €2.42m

THE HEALTHCARE group Aras Sláinte saw its turnover double in the year to June 30th, 2009, but group losses increased to €2.42 million, from €675,000.

Consolidated accounts filed recently also record that the group’s former chairman, the former Anglo Irish Bank director and Dublin Docklands Development Authority chairman, Lar Bradshaw, has resigned from the board.

Aras Sláinte is the holding company for a group that includes Locumotion Ltd, which supplies locum doctors, Well at Work Ltd, which supplies corporate medical services, and several companies named Dactyl, that are involved in the provision of medical services and are based at The Well, the Beacon Clinic, Sandyford, Dublin.

The group is also involved in joint arrangements with the VHI Swiftcare structures, at Balally, DCU and Swords, all in Dublin, and in Waterford and Cork. It is involved with the Ranelagh, Churchtown and Merrion partnerships, all of which are involved in the provision of medical services in Dublin.

A geographical breakdown of turnover shows €15.78 million was located in Ireland, €10 million in Australia, and the rest in the UK.

The accounts noted an overall net liability of €1.45 million at year’s end but stated the performance of the group post balance sheet date had exceeded projections.

“The group continues to have the solid support of its bankers and shareholders and is looking forward to introducing new equity investors to fund future growth in the opportunity-rich sectors of medical recruitment, radiology and primary care.”

Of the directors who served during the year Mr Bradshaw, Dr Ray Power, Dr Maurice Cox and Johnny Walker all held equal, large shareholdings. Aidan McGettigan and James Osborne held smaller holdings. A private equity company associated with Anglo Irish Bank also held shares as did other individuals.

During the year the group employed 172 people engaged in the provision of medical services, and 98 involved in administration.

UK and Australian entities acquired during the year contributed turnover of €13.15 million and reported losses of €183,000. Net debt at year’s end was €10.95 million.

The accounts noted that during the year there were related party transactions involving the renting of property. Dr Power, Dr Cox and Mr Bradshaw were in the Balally Partnership, the Merrion Road Co-ownership, and Ramco, which rented property to, respectively, VHI Swiftcare Balally, the Merrion Medical Partnership, and the Ranelagh Medical Partnership. Aras Sláinte also rented a number of suites in the Beacon Consultants Clinic from Dr Power, the accounts noted.