Post tax profits at David Hall's Lifeline Ambulance Service last year declined by 83% to €163,880 due to expansion costs.
New accounts show that the post tax profits of €163,880 at Lifeline Ambulance Service Ltd in the 12 months to the end of June last followed post tax profits of €977,700 in the prior year.
Commenting on the performance, David Hall said: "Performance was strong during the past 12 months."
Mr Hall said that revenues for the year were €11m which was an increase of around €1m on the prior year.
On the reduction in profits, Mr Hall said that this was a result of a number of factors.
He said that while his firm did benefit from a new HSE procurement process it did result in significant disruption.
Additional costs also include the purchase of 30 new state of the art frontline emergency ambulances and employing 40 additional staff, he added.
Non-cash depreciation costs rising from €841,567 to €1.17m also contributed to a drop in profits while interest payments increased from €72,947 to €115,389.
Underlining the continuing investment in the business, the value of the company's tangible assets last year increased from €3.96m to €5.36m which was mainly made up of newly purchased motor vehicles valued at €2.02m before depreciation costs.
On how the company is performing in the current year, Mr Hall said: "The company is performing spectacularly presently. I’m expecting profits in this year to be just under €1m."
"The HSE is my main client and I have the most HSE contracts utilising over 40 ambulances each day. The contracts with client hospitals is going extremely well and we work well in partnership with hospital staff," he said.
Mr Hall said his firm is also the exclusive provider of transport for organ transplants nationally and operates eight organ transport vehicles.
"Lifeline Ambulance Service scored the highest quality score of any ambulance service in the State including the HSE’s ambulance service following inspections by the state's independent regulator the Pre Hospital Emergency Care Council," he said.
The post tax profits for last year resulted in accumulated profits increasing to €2.67m. Cash funds declined from €1m to €702,422.
Numbers employed increased from 180 to 191. Mr Hall serves on the board with Susan Wiseman and former CEO of the HSE, Tony O’Brien.
Aggregate pay to directors last year decreased from €843,197 to €723,157 made up of €645,925 in remuneration and pension contributions of €77,232.
Reporting by Gordon Deegan
