Featured Healthcare technology company Clanwilliam saw operating profits rise in 2020

Published on November 20th, 2021 📆 | 1533 Views ⚑

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Healthcare technology company Clanwilliam saw operating profits rise in 2020

Healthcare technology company Clanwilliam Group saw operating profits rise in 2020, but revenue remain flat as the business felt the impact of the pandemic. Clanwilliam also narrowed its pretax losses during the year as exceptional expenses fell significantly.

The company’s annual report showed operating profit increased to €14 million from €11 million in 2019 as the group concentrated on corporate structuring and integration work to consolidate the group. Revenue was flat compared to pre-pandemic turnover in 2019, with the group recording €80 million for the year. The bulk of this came from its European business.

Earnings before interest, tax, depreciation and amortisation were €27 million, up from €24 million in 2019, while losses before tax were €2.3 million, compared with almost €3.9 million in 2019.

Cash at the end of last year was €18.2 million, and Clanwilliam invested €1.05 million in research and development, down from €1.29 million the previous year.

The Irish-headquartered company offers technology and services to a global customer base. It 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, speech recognition for clinical correspondence, GP management software and virtual clinics – technology that has seen an increase in use during the pandemic.

However, other areas of the business were adversely affected by the Covid-19 restrictions, particularly those involved in outpatient and secondary care primarily in the UK because of reduced elective outpatient activity.

Chief executive Howard Beggs said “the practical effects of national lockdowns and the resultant commercial impact on Clanwilliam businesses were most acutely felt in the UK market…”

The company completed the acquisition of Cork-headquartered software business iMedDoc in February 2020, one of five acquisitions it has completed globally since 2018.

The group has customers in more than 20 countries, employing more than 1,100 people across three continents. Looking ahead, the group said it would concentrate on further growth in its core markets of Ireland, Britain, Australia, and New Zealand, where it also has key centres of excellence.

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