The Beacon Hospital Group at Sandyford in south Dublin last year returned to an operating profit of €5.69m as revenues surged by 49% to €288.58m.
New consolidated accounts filed by Macquarie asset management firm MEIF 7 DIAN Investments Limited show that the operating profits of €5.69m followed operating losses of €2.39m in the prior period.
The world’s largest infrastructure manager purchased the Beacon Hospital Group for €324m in 2024 and the hospital was mainly owned by businessman Denis O’Brien at the time.
The revenues of €288.58m for 2025 follow revenues of €193.66m for 2024 and the revenue increase for 2025 is skewed as Macquarie did not complete the acquisition until the first half of 2024 after the Competition and Consumer Protection Commission (CCPC) cleared the purchase in February 2024.
The hospital group – which also operates outreach clinics in Limerick and Mullingar – recorded a pre-tax loss of €11.1m last year which was due to interest costs and similar charges of €16.8m which is mainly of interest payments to a connected party.
The pre-tax loss also takes account of combined non-cash depreciation and amortisation costs of €35.25m.
The group sustained a post tax loss of €14.56m after incurring a corporation tax charge of €3.44m.
The directors state that the reported loss reflects accounting adjustments, primarily the goodwill amortisation of €21.4m and related-party interest costs of €15.7m, rather than underlying operational performance.
The directors state that operationally, the hospital “continues to deliver year-on-year growth in patient demand, supported by strong and collaborative partnerships with private insurers under robust reimbursement models”.
The directors state that a €100m redevelopment of the former Beacon Hotel site is currently underway that comprises a new eight-storey medical facility adjoining the current hospital.
Scheduled to open in Summer 2027, the directors state that this expansion will increase patient capacity by approximately 40%, adding 70 new inpatient beds, a state-of-the-art Emergency Department, six new surgical theatres, a new cancer day unit, and will create 350 new jobs and facilitate the recruitment of over 100 additional specialist consultants.
The “current and future investment projects” also include the Beacon Brain Institute, which is a €30m investment to establish a world-class neuroscience centre.
Underlining the investment made in the business last year the value of the group’s tangible assets increased from €198.57m to €227m.
Each year, Beacon Hospital – which this year celebrates its 20th year in operation – has over 295,000 patient visits, supported by 2,300 healthcare professionals including over 410 specialist consultants.
Numbers employed by the group last year increased from 1,504 to 1,565 as staff costs increased from €83.3m to €119.8m.
Directors’ remuneration last year totalled €1.47m that include emoluments of €1.24m, director’s fees of €150,000 and pension contributions of €71,250.
The directors are listed as Lina Chi McGrath, Michael Milne and Hani Zogheib.
The accounts disclose that the group rents various properties from CEO Michael Cullen or companies controlled by him and the aggregate rental charges for 2025 was €261,505.
Reporting by Gordon Deegan
