New contracts help Millbrook Healthcare turnover jump by £9.2m whilst profit up £500k
Millbrook Healthcare has reported an increase in turnover and profit for the year ended 30th June 2019 but noted “reduced profitability” due to costs.
Founded in 1995, the company operates 29 centres across the UK providing a range of services to local authorities and the NHS including community equipment, wheelchair, assistive technology and home improvement agency services.
In its latest annual report, the ICES provider’s turnover increased to £123.6m in 2019, an increase of £9.2m from 2018’s £114.4m.
According to Millbrook Healthcare’s strategic report however, the directors’ highlighted that although the company grew due to new contracts, “set up costs and costs related to the rapid” had lowered profitability.
The company recorded a profit before tax of £1.6m for the year ended 30th June 2019, an increase of £500k from 2018’s £1.1m.
Millbrook Healthcare’s director confirmed that it did not expect the costs to recur.
Stating that it places “great importance on providing first class facilities from which to run its contracts”, Medequip confirmed it invested £1.9m in Capital Expenditure during the year – down from 2018’s £2.5m.
The financial results reinforce the increasing competitiveness of the community health and social care space, with key ICES providers broadening the scope of their services to deliver a more holistic offering to local authorities and CCGs.
Alongside the trading results, Millbrook Healthcare disclosed the on time average achieved by its ICES contracts, which dipped slightly from 2018’s 98.9 per cent to 96.4 per cent.
Headcount increased by 16 per cent against 2018’s 31 per cent.
On the 23rd July, Millbrook Healthcare was acquired by Cairngorm Capital Partners as Millbrook’s founder and majority owner Colin Croll retired.
Highlighting the acquisition in the directors’ report, the company said: “The year to 30 June 2019 has seen significant revenue growth driven by the full year effect of contracts won in the prior years. The directors remain confident about the company’s prospects and excited by what the backing of Cairngorm Capital Partners LLP will deliver.”
