Orthopaedic specialist Fortius Group has described its 2017 results as ‘mixed’ despite posting a 94% surge in revenue following the opening of its Fortius Surgical Centre (FSC) in Bentinck Street, W1.
The London-based company said its two diagnostic and outpatient treatment centres in Fitzhardinge Street and King William Street had both had an ‘excellent year’, with outpatient appointments up 44% on the previous year. Turnover from these services increased to £9.5m from £7.3m in 2016.
However, despite significant growth in surgical services, activity at the FSC along with its partnership with Bupa Cromwell Hospital has taken longer than anticipated to ramp up.
Cost of sales leapt by 135% to £8m, leaving gross profit of £9.4m against £5.4m in 2016. After operating expenses, exceptional costs and amortization, operating losses reduced from £2.2m to £980,000.
Looking ahead, CEO Jim McAvoy said: ‘In the coming years we expect to grow the business in and around London and in other locations as our successful brand opens up opportunities for an expansion in facilities and participating clinicians. Our priority in 2018 will be to take full advantage of our enhanced capabilities to provide the London orthopaedic market with outstanding services from initial consultation, through diagnostics into surgery and recovery.’