Exceedingly good: Finance Director Andy Clark
Cordia have announced profits of £3.2 million for the financial year ending March 31, 2012. The figures demonstrate the success of the partnership’s trading and the commitment to exploring new business opportunities.
New revenue was created with the introduction of two services. The installation and maintenance of stair lifts for six local authorities and a new translation and interpretation service, Cordia Linguistics. These ventures provided new turnover of £3.4 million.
In addition to new services, Cordia continued to develop its existing services through remodelling and increased efficiency. This laid the foundation for growth throughout the partnership. The result of this was particularly evident in the EquipU area of operation, which provides a framework for the integrated service and provision of equipment for the elderly and vulnerable in NHS Greater Glasgow and Clyde and six local authorities in the West of Scotland. EquipU achieved a growth of £7.6 million during the financial year despite a challenging economic environment for local authorities and health boards.
The underlying operating profit was £3.9 million which was an improvement of 15% on the previous year and was 50% better than targeted. The operating profit is before adjustments for FRS 17 pension costs, returns to Glasgow City Council and one off staff restructuring costs.
Finance director Andy Clark said: “I’m delighted to report that Cordia has produced another set of excellent financial results, outperforming on our business plan, which allowed us to return £2.3 million to Glasgow City Council.”
The financial statement has been independently audited and approved by KPMG LLP and encompasses Services LLP, Contracts LLP and Care LLP.