Company profile: 352 Medical
352 Medical is one of three companies providing private sector acute healthcare across Northern Ireland. In recent years, the range of services provided by '352' has increased. But in the most recent financial year, revenue has fallen sharply because of changes in Government contracting with external suppliers.
The 352 Group has been affected by a reduction in the volume of waiting list activity outsourced by the NHS to independent providers. The group emphasises its motivation in terms of quality and efficiency of service, combined with value for money to the healthcare trusts.
The group has followed a policy of diversification of its business to reduce its dependence on actions related to contracts to cope with patients from NHS waiting lists. 352 has investments in Kingsbridge Private Hospital, Origin Fertility Care, Insure I (private medical insurance), the Optique Eye and Ear Clinics and the Dental Excellence Group.
In June 2015, the group disposed of the investment in the Dental Excellence Group. Part of the proceeds from the sale was reinvested in the acquisition of a hospital facility in Sligo.
In the most recent year, the group has reduced its reliance on external borrowing to finance ongoing activity and bank borrowing fell by over £400,000.
The balance sheet value of shareholders' funds rose last year by 8%, to be stated at just under £6.5m in March 2015.
Employment in the group in 2014-15 fell from a peak of 311 people in 2013-14 to 277 people.