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New accounts filed by Bon -Secours Health System (BSHS) Company Ltd show that despite the increase in revenues, the group recorded a pre-tax loss of €4.77m largely as a result of a non-cash asset impairment cost of €10.33m. The pre-tax loss of €4.77m followed a pre-tax profit of €10.12m in 2023. Bon Secours’ new 170-bed hospital at Ballysimon on the outskirts of Limerick city opened last month. It is the first new acute hospital built in Ireland in nearly two decades and represents one of the largest healthcare investments ever made in the mid-west region. Already, Bon Secours operates acute hospital facilities located in Cork, Dublin, Galway, Limerick and Tralee, Co Kerry. On the development of the new €213m hospital in Limerick, the directors state that construction of the hospital was within budget and will greatly expand -services currently offered to patients in the mid-west and the group. They state the existing BSHS hospital site at -Barringtons, George’s Quay in Limerick will be sold. In their report, the directors state that turnover increased by €43.8m to €478.8m driven by a significant increase in both in-patient and out-patient activity. They state that the group recorded an operating loss of €1.8m driven by fixed asset impairments in addition to increased -medical consumables and drug costs. The group generated €25.26m in cash from operating activities. Profits were also hit by staff costs increasing by 17pc from €204.26m to €238.32m as numbers employed increased by 271 from 4,025 to 4,296 who work with 405 medical consultants across the Bon Secours network. The pay to key management personnel increased from €3.25m to €3.43m. The loss last year takes account of non-cash depreciation costs of €15.8m, non-cash amortisation costs of €1.19m, an impairment loss of €3.3m from trader debtors along with interest costs of €5.1m. The group’s operating lease costs last year totalled €5.82m. Shareholder funds totalled €171.365m that included accumulated profits of €111.62m. During the year, the group made contributions to charitable -community causes totalling €541,833. The group has charitable tax status and is not liable to corporation tax.
