Turnover at Belfast private healthcare group Kingsbridge soared by nearly one-third to £137.4m ahead of securing a £300m investment in 2024, its accounts have shown.
The group delivers paid-for medical services to private sector patients, insurance clients and patients in the public sector – including many living in the Republic of Ireland.
It has become a provider to people affected by long waiting lists in the NHS in Northern Ireland, and the Republic’s equivalent, the HSE.
A group strategic report filed with the accounts said: “The group is subject to changes in the political environment which may impact on waiting list work currently outsourced by the NHS and HSE to the independent sector.
“The group works closely with the trusts to ensure maximum patient service in terms of the quality and efficiency of service, whilst delivering value for money for the trusts.”
Dublin-based private equity firm Exponent announced it had acquired a controlling stake in the business, based in the south of the city, in August. It’s understood it paid £300m for the stake.
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Now financial statements for the year to March 31 2024, filed at Companies House, have shown a rise in turnover from £105.6m the year before, along with growth in pre-tax profits from £11.4m to £12.1m.
There were 931 staff, up 18% from 788 the year before. Numbers of nursing and other medical staff increasing from 354 to 412, and administrative staff rose from 434 to 519.
The company’s four directors, including founders Dr Suresh Tharma and Ashok Songra, were paid £2.1m, up from £1.7m.
The accounts state that the ultimate controlling party changed in August from the founding directors and previous equity investors, 57 Stars, to Exponent Private Equity.
The company’s main hospital is on Lisburn Road in south Belfast, though it has now opened a further facility, Kingsbridge Diagnostic and Treatment Centre, at the nearby King’s Hall Life Sciences Park.
In total, the group said it had invested over £3m in the past three years on increasing operating and bed capacity as well as developing new services and facilities in Belfast, Ballykelly in Co Londonderry and Sligo.
It said that by investing in the projects, “the group has ensured it has the additional capacity to meet the rapidly-increasing demands from both the private and public sectors”.
The group said it had delivered over 320,000 appointments and over 25,000 operations during the year across four hospitals and 11 outpatient centres, while recording “market-leading patient satisfaction scores”.
A strategic report added: “The directors are pleased to report that the continued implementation of its growth strategy has delivered strong results for the year, with group turnover at £137m up 31% on last year. The directors are confident that growth will continue into the next fiscal year.”
However, with strong growth in turnover since 2021, “the founder shareholders decided that the group needed significant further investment to continue their aspiration plans and take the business to the next level”.
Following the deal with Exponent, Dr Tharma and Mr Songra remain “significant” minority investors in the new business, the accounts said, with the leadership team including CEO Mark Regan staying in place. Dr Tharma also became chairman of the board.