Owner of Global Diagnostics plots growth surge
Medica Group, the listed British firm that last year acquired Dublin-based Global Diagnostics Ireland for an initial €16m, expects to boost returns at the Irish unit by more than 15pc in the short to medium term, it told investors yesterday.
Medica is a leading provider of teleradiology services in Ireland and the UK.
It provides outsourced interpretation and reporting of MRI, CT and x-ray images to hospital radiology departments.
The British group acquired Global Diagnostics Ireland from Centric Health. The diagnostics unit also offers ophthalmology imaging assessment, with the provision of diabetic retinopathy screen services on behalf of the HSE.
Global Diagnostics was founded by Dr Johnny Walker in Australia in 1995. The company was moved to Ireland in 2007 to fuel international growth. Centric Health acquired its initial stake in the company that year.
Medica Group held a capital markets day for investors yesterday.
“Consistent with previous guidance from early 2020, but reflecting the updated nature and composition of the group, the company is targeting organic growth in its core UK business at 12pc-14pc and its recently acquired US and Irish companies by over 15pc in the short to medium term, with an overall target of circa £100m (€116m) revenues in three to five years,” it noted.
Medica provides services to more than 100 National Health Service trusts in the UK, as well as private hospital and insurance groups. It also operates in Australia and New Zealand via MedX, a 50-50 joint venture.
Medica chief executive Stuart Quin said that the company’s management team has begun executing a strategy that it believes will allow the group to “significantly scale and diversify the business”.
“With market-leading teleradiology expertise, we have a strong platform upon which we can grow organically, whilst simultaneously looking for value-generating acquisitions,” he said.
Global Diagnostics is headed by managing director Caroline Byrne.
It operates at more than 50 clinical sites in Ireland and employs more than 140 people.