Medequip achieves £36m annual increase in turnover for community equipment services provision
Community equipment supplier Medequip has announced that the business successfully sustained community equipment services through the year ending December 2022 and has continued to do so on into 2023 following a year defined by strong revenue performance assisted by new contracts going live in Leicestershire, Somerset, and Barking, Redbridge, Havering and Kingston,
The organisation has posted turnover of £242,676,000,for the year, representing an increase approaching £36,000,000. The result is despite profit margins being impacted by increases in fuel and vehicle fleet operating costs, continued procurement challenges relating to the Covid pandemic, inflationary pressures within the economy and start-up costs associated with the new contracts.
In the year to December 2022, Medequip also successfully secured extensions for its community equipment services contracts in the Wirral and Durham and Darlington. In the same period, Medequip successfully re-tendered for its Bristol, North Somerset and South Gloucestershire contracts, securing the business until at least 2027.
Growth in retail activity in Medequip’s Manage At Home e-commerce division has continued to reflect healthy demand for on-line equipment availability, whilst Medequip Connect, the company’s Technology Enabled Care business, was awarded a total of five new contracts with combined annualised revenues of around £2,000,000.
Medequip remains committed to making a positive contribution to the communities where the business operates, adding social value by employing locally, supporting local retailers, working closely with a variety of local and national charities, delivering on environmental commitments and supporting equality and diversity initiatives.
James Ibbotson, CEO of Medequip, commented: “We believe in embedding ESG principles into our operations and investment decisions, creating value for our business by driving innovation, expanding our value proposition, deepening relationships with all stakeholders, and attracting and retaining talent.
“We are actively engaging and working with our many partners to further develop our services, developing and enhancing the support we provide to keep people independent in their own homes for longer.”
Recently, Medequip announced that it was partnering with Healthwatch in North Yorkshire to carry out detailed research to identify what people hope for in a vital service designed to keep them independent in their homes for longer.
