Emeis Ireland Reports €8 Million Profit Amid Care Standards Scrutiny

Emeis Ireland Ltd, the nursing home group recently scrutinized by an undercover investigation, reported an operating profit of €8.08 million for the year ending December 2024. This marks a substantial increase in revenue, with figures rising by 14 percent from €125.2 million to €143.3 million. This financial report comes in the wake of significant public and political outcry generated by the findings of an RTÉ Investigates program that raised serious concerns regarding care standards at its facilities.

In June 2024, the investigation revealed troubling issues at Emeis Ireland’s Beneavin Manor in Glasnevin, Dublin, and The Residence in Portlaoise. Undercover footage captured by RTÉ healthcare assistants showed numerous care failings, including staff shortages and vulnerable residents being left unsupervised. Following these revelations, the Health Information and Quality Authority (HIQA) conducted fresh inspections of the two nursing homes. The inspections revealed that management and staffing levels had improved, with senior management actively engaged on-site to provide oversight.

The investigation prompted Kieran O’Donnell, Minister of State for Older People, to request a comprehensive report from HIQA on the 25 nursing homes operated by Emeis Ireland. In its findings, HIQA criticized the care depicted in the RTÉ program as “wholly unacceptable” and a violation of residents’ rights and dignity.

While the latest financial accounts do not directly address the fallout from the RTÉ Investigates program, the directors acknowledged potential reputational risks if care standards are not upheld. Emeis Ireland, being the largest nursing home provider in the country, operates 25 nursing homes and manages over 40,000 hours of home care per month. The workforce also expanded significantly last year, with employee numbers rising from 2,347 to 2,563, resulting in an increase in staff costs from €55.3 million to €87.4 million.

The consolidated accounts indicate that Firstcare Beneavin Manor Limited, the operator of Beneavin Manor, recorded post-tax profits of €2.93 million in 2024. Directors expressed satisfaction with the group’s overall performance, highlighting a commitment to the health and safety of residents and employees. They emphasized that their approach to care remains central to the group’s growth and demand for services throughout the financial period.

Despite the operating profit, Emeis Ireland reported a pre-tax loss of €21.1 million, a significant improvement from a loss of €71.3 million in 2023. This loss was primarily attributed to €29.2 million in interest payments, linked to the group’s expansion strategy. The company also recorded a post-tax loss of €20.83 million, despite a corporation tax gain of €748,192.

In terms of asset management, Emeis Ireland continued to invest in its growth, spending €46.9 million on tangible assets in 2024, following a spend of €37.7 million the previous year. As of December 2024, the group faced a shareholders’ deficit of €245.97 million, with cash funds totaling €10.7 million. The book value of the group’s tangible assets rose to €263 million.

Directors of Emeis Ireland noted that they are committed to closely monitoring the health and safety risks faced by residents and employees, continually developing responses to ensure their well-being. As the organization navigates the aftermath of the RTÉ Investigates findings, the focus on improving care standards remains a top priority.