Healthcare, technology and services company Clanwilliam Group increased its profits in 2019 as revenue rose and the company simplified its structure.
The company underwent a change in structure in 2018, bringing together all of the acquired companies and operations from the previous years under one Irish-headquartered holding company.
Revenue for the group rose to €84 million in the year ended December 31st, 2019, up from €56.8 million in 2018 and €37.5 million in 2017. Earnings before interest, tax, depreciation and amortisation were €24 million last year, compared with €16.7 million in 2018.
Operating profit was €11 million, up from a loss of €1 million a year earlier.
The group recorded a pretax loss of €3.87 million, down from €16.8 million in 2018.
The group, which specialises in software and services for the healthcare sector, now operates in 20 countries and three continents, employing 1,200 staff. Its core markets are Ireland, the UK and Australia, with the majority of its turnover coming from its European business. Some 200 staff are located in Ireland, with offices in Cork, Sligo and Dublin.
Clanwilliam spent €1.29 million on research and development during the year, up from €172,000 in 2018, with €949,000 of the 2019 figure capitalised.
The company started out developing and supplying practice-management software to Irish GPs and consultants, and now provides a range of electronic health technology, including software to nursing homes to manage aged care and medications, software to manage theatres and outpatient departments, and speech recognition for clinical correspondence.
The 2018 restructure also facilitated the introduction of a new financial backer, Alcentra, which agreed a €200 million facility to refinance Clanwilliam Group’s balance sheet and fund future acquisitions.
It has been on an acquisition spree in recent years, buying more than 15 businesses across Ireland, Britain, Australia and New Zealand.
Clanwilliam is led by Howard Beggs, who remains a shareholder along with members of the senior management team.
In November a UK investment holding trust run by H Steve Wilson acquired a majority of the company’s shares, and along with Mr Beggs and director, Gerry Hunt are the ultimate controlling parties of the group.