New accounts filed by Mr Hall’s Lifeline Ambulance Service Ltd show that it recorded post-tax profits of €977,700 in the 12 months to the end of June 30, 2023, and this followed post-tax profits of €609,505 in the previous year.
Commenting on the company’s performance, Mr Hall said revenues increased by 10pc to €11m last year.
“The company has performed very well in the year up to July 2023. I purchased 20 new ambulances recently and three new organ-transplant vehicles,” he said.
On the increase in profits last year, Mr Hall added: “There was an increase in the need for our services at various times during the year. Healthcare is very busy presently. Last year we transported 24,000 patients and travelled four million kilometres. We also provide the co-ordination and transport for all organ transplants in Ireland.”
Mr Hall confirmed the HSE remains the company’s biggest client.
“We have been successful in securing new contracts from the HSE in their recent tender process, which began last year, and have been successful in eight hospitals so far,” he said.
He added, however, that the HSE “has changed the structure of hiring private ambulance companies this year, and this will have a negative impact on activity and revenue, I expect, as the HSE prioritises cost savings”.
The business currently employs 185 staff.
The profits last year take account of non-cash depreciation costs of €841,567.
The post-tax profits last year resulted in the company having accumulated profits of €2.5m at the end of last June. The company’s cash funds more than doubled from €441,703 to €1.03m.
The directors are listed as David Hall, Susan Wiseman and Tony O’Brien, who is a former director general of the HSE.
Asked about the role Mr O’Brien plays in the firm, Mr Hall said: “Tony provides strong strategic and governance oversight and chairs our senior management team meetings.”
Directors’ overall pay last year almost doubled to €843,197 due to a large hike in pension contributions.
Pay to directors was made up of remuneration of €365,965 and pension contributions of €477,232.
The remuneration was at the same level as 2022, while the pension contributions increased sharply from the €77,232 paid out in 2022.
