Health tech company Clanwilliam saw its operating profits increase in 2020
Health technology company Clanwilliam Group saw its operating profits increase in 2020, but revenues remain stable as the company felt the impact of the pandemic. Clanwilliam also reduced its pre-tax losses during the year as one-time expenses fell significantly.
The company’s annual report showed that operating profit increased to 14 million euros, from 11 million euros in 2019, as the group focused on the work of structuring and integrating the company. company to consolidate the group. The turnover is stable compared to the turnover before the pandemic in 2019, the group recording 80 million euros for the year. Most of this came from its European activities.
Profit before interest, taxes and depreciation amounted to â¬ 27 million, compared to â¬ 24 million in 2019, while losses before tax amounted to â¬ 2.3 million, compared to nearly 3, 9 million euros in 2019.
Cash at the end of last year stood at 18.2 million euros and Clanwilliam invested 1.05 million euros in research and development, up from 1.29 million euros the previous year.
The Ireland-based company provides technology and services to a global customer base. It began by developing and supplying practice management software to Irish GPs and consultants, and now supplies a range of electronic health technologies, including software to nursing homes to manage elderly care and medicines, software for managing theaters and outpatient services, voice recognition for correspondence, software for managing general practitioners and virtual clinics – a technology whose use has increased during the pandemic.
However, other areas of activity have been affected by the Covid-19 restrictions, particularly those involved in outpatient and secondary care, primarily in the UK due to the reduction in elective outpatient activities.
Managing Director Howard Beggs said “The practical effects of the nationwide lockdowns and the resulting business impact on Clanwilliam businesses have been felt most severely in the UK market …”
The company completed the acquisition of Cork-based software business iMedDoc in February 2020, one of five acquisitions it has made globally since 2018.
The group has customers in more than 20 countries, employing more than 1,100 people on three continents. Going forward, the group said it would focus on further growth in its main markets of Ireland, Great Britain, Australia and New Zealand, where it also has centers. of key excellence.