Pre-tax profits at healthcare recruitment firm, TTM Healthcare increased almost three fold to €6.69m in 2020.
By Gordon Deegan
The group recorded the 182pc increase in pre-tax profits despite revenues decreasing by 9pc from €89.6m to €81.7m in 2020.
The firm is led by former Irish boxing international, Brian Crowley and the business continued to box clever last year with directors stating that they anticipate revenues and earnings growth to continue through 2021.
Mr Crowley is also a former EY Entrepreneur of the Year finalist and the directors state that revenues reduced in 2020 due to the challenges brought about by the pandemic.
The business operates here, in Northern Ireland, in the UK and in the Middle East. The business has offices in Mr Crowley’s hometown of Ennis and also has offices in Dublin, Cork and Manchester.
Numbers employed by the business in 2020 decreased from 1,882 to 1,844 and staff costs decreased from €78.4m to €66.9m.
The pre-tax profits in 2020 were boosted by ‘other operating income’ of €2.73m following income of just €17,011 under that heading in 2019.
The directors state that operating profit increased by 160pc from €2.67m to €6.94m “as a direct result of significant investment in people, service development and capital over the last three years to enable sustainable growth across our group”.
The directors go on to state that “the amazing efforts of all of our talent has meant the excellent momentum achieved in 2020 has continued particularly strongly into 2021 as we experience continued significant demand across all of our service areas”.
The group’s Talent Solutions business comprises a team of 137 staff across the Group’s networks in Ireland and the UK providing specialised, tailored healthcare solutions and consultancy services to its customer base and supports over 2,700 healthcare workers finding both temporary and permanent employment each year.
The directors state that TTM’s “Health and Social Care business experienced a 35pc increase in turnover in 2020”.
The directors state that its international recruitment business enjoyed a record Q4 performance in 2020 post easing of travel restrictions in what was “a challenging, uncertain but extremely successful 2020” for that part of the business.
The pre-tax profit in 2020 takes account of interest payments of €250,378. The group recorded post tax profits of €6m after paying out €674,121 in corporation tax.
The directors state that while the Group has not been immune to the effects of the Covid pandemic and some services were interrupted, the business has been able to navigate the challenges that COVID 19 brought.
On the group’s future developments, the directors state that “the Group continues to look for organic and external growth opportunities”.
The strong performance by the business in 2020 further strengthened the group’s balance sheet with accumulated profits rising to €14.71m.
The business’s cash funds increased from €4.6m to €10m. The profit for 2020 takes account on non-cash depreciation and amortisation costs of €843,998.
Directors’ pay remained static at €200,000 made up of emoluments of €188,000 and pension contributions of €12,000.
