{"id":223357,"date":"2026-01-02T11:44:10","date_gmt":"2026-01-02T11:44:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/223357\/"},"modified":"2026-01-02T11:44:10","modified_gmt":"2026-01-02T11:44:10","slug":"primary-healthcare-provider-centric-health-posts-loss-of-e22-5m-for-2024-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/223357\/","title":{"rendered":"Primary healthcare provider Centric Health posts loss of \u20ac22.5m for 2024 \u2013 The Irish Times"},"content":{"rendered":"

Dublin-headquartered Centric Health<\/a>, one of Ireland\u2019s largest providers of private primary healthcare, made a loss of \u20ac22.5 million in 2024, recently filed accounts show.<\/p>\n

Centric offers GP, specialist care and dental services to more than 400,000 patients throughout the State. The group was set up by Dr Maurice Cox and Dr Ray Power in 2003, and opened its first practice in Phibsborough, north Dublin, in 2004.<\/p>\n

It established the VHI SwiftCare clinics in 2005 in a joint venture with VHI before the clinics were bought outright by the insurer in 2017. Centric has at least 76 GP clinics in Ireland today, and also has operations in Germany and the Netherlands.<\/p>\n

The company said its losses were down from \u20ac31.5 million in 2023, but the two years are not directly comparable as changes in the law in late 2023 mean the group no longer includes revenues and costs from public general medical services contracts in Ireland in its accounts.<\/p>\n

Group revenue in 2024 was \u20ac76.2 million, although this figure excludes public contract revenue of \u20ac67.6 million. <\/p>\n

Taken together for the purposes of comparison, these would give a total revenue of \u20ac143.8 million, which would be up on revenue of \u20ac126.8 million in 2023, which included public and private revenue. <\/p>\n

\"\"Another huge corporate tax take to AI\u2019s next phase: What\u2019s in store for 2026?<\/p>\n

Revenue in 2024 was otherwise broken down as \u20ac68.3 million in private revenue on top of a joint enterprise amount of \u20ac7.9 million. Cost of sales were also affected by the legislative change, totalling \u20ac33.8 million in 2024 as against \u20ac68.2 million in 2023.<\/p>\n

The group\u2019s directors said the underlying trends in primary care \u201cremain positive\u201d and they continue to see \u201cincreased demand for care as populations increase and age\u201d.<\/p>\n

They also noted that public policy \u201ccontinues to explore ways to have more care provided in the community, all of which is positive for our network\u201d.<\/p>\n

\u201cWe see a consistent theme across the three markets that we now provide care in around these macro indicators and remain positive that we will be able to support continued growth in all three markets that we are active in,\u201d they said.<\/p>\n

The group saw \u201cgood revenue growth\u201d, particularly in the emerging markets of Germany and the Netherlands, but said the cost environment \u201cremains challenging\u201d, which resulted in operating profits of \u20ac11.5 million before depreciation and amortisation of \u20ac16.6 million.<\/p>\n

The directors said the future prospects for the group \u201cremain positive\u201d with continued expansion through acquisition in Ireland and Germany, as well as continued investment in digital and continued organic growth via \u201cnew service areas\u201d.<\/p>\n

Centric disclosed net current assets of \u20ac9.1 million and an overall net liability position of \u20ac118.3 million. No dividend was proposed.<\/p>\n

The accounts show the group received \u20ac132,458 from the State in 2024 under the Increased Cost of Business grant. In the previous year, the group benefited from the Temporary Business Energy Support Scheme to the tune of \u20ac228,856.<\/p>\n

The accounts also include a note to say \u20ac2,792,196 worth of shares in the group were bought by investment group Five Arrows Holdings in May 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"Dublin-headquartered Centric Health, one of Ireland\u2019s largest providers of private primary healthcare, made a loss of \u20ac22.5 million…\n","protected":false},"author":2,"featured_media":223358,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[115237,103,397,8655,396,84301,61,60],"class_list":["post-223357","post","type-post","status-publish","format-standard","has-post-thumbnail","category-healthcare","tag-centric-health-primary-care","tag-health","tag-health-care","tag-health-insurance","tag-healthcare","tag-healthcare-investment","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/223357","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=223357"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/223357\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/223358"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=223357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=223357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=223357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}