THE LARGEST private nursing home operator in the State, Mowlam Healthcare Ltd, yesterday announced a pretax profit of € 629,307 for 2007, reversing a loss of €387,472 in 2006.
The Limerick-based company, headed by Shannon airport chairman Pat Shanahan, said revenues were 27 per cent ahead to €18 million in 2007 compared to the previous year.
Mowlam operates 700 beds and employs 600 people - up from 452 people a year ago - across a total of 12 nursing homes in Dublin, Meath, Galway, Limerick, Waterford, Kilkenny, Sligo and Westmeath.
Demand for nursing home beds continued to grow strongly, the company said, and the State's current stock of 435 private nursing homes, with a total of 18,883 beds, is forecast to double in the next 20 years.
Mowlam will open three new nursing homes and retirement villages this year to help meet this growing demand, Mr Shanahan said.
Mowlam Healthcare raised €100 million at the end of 2005 to increase its own stock of nursing homes and retirement villages to 20, comprising more than 1,000 beds.
"The company is on track to operate 1,000 nursing home beds by the end of 2009, as we continue to meet the growing need for our services," Mr Shanahan said yesterday.
The company recently opened Park Nursing Home in Castletroy, Limerick.
