Post tax profits at the country’s largest private ambulance service owned by mortgage campaigner, David Hall soared by 74% to €515,831 last year.
In an interview today, chief executive of the business, Mr Hall said LifeLine Ambulance Service last year “returned to good health”.
The company’s accumulated profits increased to €906,515 from €390,682, while its cash reserves increased fourfold to €1.048 million in the 12 months to the end of June last.
The new accounts filed by Mr Hall’s LifeLine Ambulance Service Ltd show that profits increased sharply in spite of the initial impact of Covid-19 on the business.
In a note attached to the accounts, it states that the firm “was having a good year until the first quarter of 2020”.
The accounts confirm that the company used Government supports provided to businesses during this time.
Mr Hall confirmed that revenues last year increased by 6% or €325,000 to €5.45m and numbers employed total 102. The company has 50 vehicles operating and performs 17,000 patient journeys per annum.
He said that during the first wave of Covid-19 last year revenues “plummeted as hospitals had fewer patients needing transport. We were then asked to transport Covid patients for some hospital groups which increased activity”.
Mr Hall said the business lost money during last December and January of this year during the recent Covid-19 surge, but it had rebounded in February.
He attributed the growth of business in 2020 to the compliance of the HSE in its contract with LifeLine Ambulance Service and the flexibility of LifeLine staff.
He said: “If it hadn’t been for the compliance of the contract the year would have been a significantly problematic picture.”
The profits last year take account of non-cash depreciation costs of €521,727.
Former HSE director general
The pay to directors David Hall and Susan Wiseman Hall last year increased by 29% from €327,665 to €422,738 and Mr Hall confirmed that former Director General of the HSE, Tony O’Brien joined the board in January of this year.
On Mr O’Brien’s appointment as a non-executive director, Mr Hall said: “It is a big development for the company and one we are very happy with and staff have received the announcement exceptionally well.”
He said that Mr O’Brien in his role will chair management meetings and “it is good for companies to get a set of external eyes and Tony will examine areas where we can grow and develop through diversification and training”. Mr Hall declined to disclose the pay that Mr O’Brien will receive for the role.