Fri, 12 Jan 2024 | BUSINESS NEWS
Rodericks Dental, a dental group with more than 200 practices throughout England and Wales, has returned to pre-tax profit after making several acquisitions during the last financial year. The group, which is headquartered in Nottingham, can trace its history back to 1923.
During the financial year to March 31 2022, Rodericks Dental fell to a pre-tax loss of £3.1 million. However, in the year ending March 31 2023, the company reported a pre-tax profit of £8.2 million, following a year in which it acquired 11 dental practices, with turnover increasing from £79.4 million to £82.4 million during the same period.
In a statement, the company’s board said: “The revenue for the year ended 31 March 2023 saw strong growth with an increase in annual revenue of 3.74 per cent.”
"This growth has been generated via practice acquisitions, ongoing focus on delivering NHS contracts, increased private treatments and reduced impact from COVID-19 leading to the company treating more patients."
Regarding the company’s plans for the coming year, the board added: "The company plans to continue its growth strategy, primarily through acquisitions, with the tendering for NHS greenfield sites where appropriate opportunities arise."
Rodericks Dental’s acquisition strategy sees it target NHS and mixed practices, as well as private and specialised practices. It focuses on acquisitions in strategic geographic locations and typically fully integrates newly acquired practices into the group over time, with owners often remaining with their practices post-acquisition.
The company’s acquisitions are supported by its dedicated integration team, headed by Chief of Business Development Richard Holmes, Head of Acquisition Steve McCarron, Head of Integration Faye Gibson, Integration Managers Charlie Murphy and James Kennett and Acquisition Transaction Controller Joy Gittus.
M&A in the UK dental industry is being driven by factors including high levels of fragmentation and private equity investment.
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