Profits jump 34pc to €5.5m at Sports Surgery Clinic

Sports Surgery Clinic in Santry saw pretax profits rise 34pc

Gordon Deegan

April 27 2021 02:30 AM

Pre-tax profits at the company which operates the Sports Surgery Clinic in Santry, north Dublin increased by 34pc to €5.5m in 2019.

That is according to new accounts for Sports Surgery Clinic Ltd where the directors state that it is too early to quantify the impact of Covid-19 on the business.

The clinic last year provided its facilities to the HSE for three months as part of the wider HSE initiative to use the facilities of private hospitals in response to Covid-19.

The directors state that as part of the deal, the HSE agreed to underwrite all operating costs of the hospital including depreciation during the course of the agreement, which expired on June 30.

The accounts show that revenues at the company increased by 11pc from €45.39m to €50.2m in 2019.

The directors state that the key performance indicator for the company is earnings before interest, depreciation, tax, amortisation and rent and it increased by 21.5pc to €9.2m.

Numbers employed increased from 296 to 317 and the directors state that the facility in Ireland's only fully dedicated sports surgery clinic and offers Europe’s most up-to-date treatment of sport and orthopaedic injuries.

Former Manchester Utd and Ireland soccer s tar and Dublin Gaelic footballer, Kevin Moran resigned as director of the company in 2019.

SSC is a centre of excellence in joint replacement for hip, knee, shoulder and sports soft tissue surgery.

The clinic has in excess of 40 consultants in orthopaedic surgery and has 27 consultant rooms and 83 inpatient beds and 18 day-case beds.

The company recorded post tax profits of €4.6m after paying corporation tax of €951,667.

At the end of December 2019, the company’s shareholder funds totalled €24.2m while its cash funds increased three told to €2.8m.

Staff costs in 2019 increased marginally from €16.1m to €17.4m, while non-cash depreciation costs totalled €2.29m.

Operating lease costs fell from €1.6m to €1m. Direc tors’ pay rose from €305,946 to €347,850. The spend on temporary contract and agency staff along with staff recruitment, training and uniforms increased from €654,373 to €877,102.

Pay to key management for 2019 declined by half from €1.1m to €545,398. The directors did not recommend the payment of a dividend in 2019. They also state that the company secured a €2m overdraft facility to support operational cashflow .