Centric Health sees revenue growth despite €22.5 million loss

Dublin-based Centric Health, one of Ireland’s largest private primary healthcare providers, reported like-for-like total revenue of €143.8 million in 2024, up from €126.8 million in 2023, according to recently filed accounts.

The group operates 76 GP clinics across Ireland and maintains healthcare operations in Germany and the Netherlands.

Founded in 2003 by Dr Maurice Cox and Dr Ray Power, Centric delivers GP, specialist, and dental services to more than 400,000 patients nationwide. Private revenue reached €68.3 million in 2024, supported by a further €7.9 million from joint enterprise services. Legislative changes introduced in late 2023 mean revenues and costs linked to public general medical services are no longer included in the group’s statutory accounts, limiting direct year-on-year comparison.

Despite reporting a net loss of €22.5 million in 2024, an improvement on the €31.5 million loss recorded in 2023, directors pointed to continued positive momentum in the sector. The group’s directors said the underlying trends in primary care “remain positive” and they continue to see “increased demand for care as populations increase and age”, noting that policy moves to expand community-based care support the group’s long-term position.

Operating profit before depreciation and amortisation (EBITDA) totalled €11.5 million, with depreciation and amortisation charges of €16.6 million. Centric reported net current assets of €9.1 million alongside a total net liability position of €118.3 million. No dividend was proposed.

The group continues to record strong revenue growth in its European markets, particularly in Germany and the Netherlands, and plans further expansion through acquisitions in Ireland and Germany. Ongoing investment in digital platforms and the rollout of new service areas are expected to support organic growth and operational efficiency.

Explore the full financials and strategic growth plans for Centric Health in the complete report.

Photo credits to Centric Health’s official website