Moray care home operator Parklands more than doubled its profits in its latest accounts.
Parklands, which runs 12 care homes across the Highlands and Moray, saw pre-tax profits rise to £1.4 million in 2023, compared to £620,000 the year before.
The group said a decision to reduce agency staff usage by more than half had reduced costs and “enhanced care quality”.
Managing director Ron Taylor said the care home operator is committed to reinvesting in the local areas.
It announced its plans to invest in a new extension at one of its Grantown care homes earlier this year.
Parklands also saw turnover grow by £5.6m to £23.2m, up from £17.6m.
‘Determined to meet the challenges of our growing ageing population’
Mr Taylor claims Parklands, anchored in the north of Scotland, contributes tens of millions to the regional economy.
He said: “Parklands is providing high-quality care at a time when the sector is contracting and losing care beds at an alarming rate.
“As a family-run business, we are committed to reinvesting locally. Building new care provision, upgrading our existing homes, and creating employment.
“Our aim is to deliver a sustainable future for social care in the region.”
Parklands said it contributes £27.5 million to the national economy, a figure projected to rise to £41.4 million by 2028.
Mr Taylor said the team is “very proud” of its 30-year track record of investments.
He added: “Our new £11 million flagship care home in Inverness, a vital resource for the city, is set to open next year.
“With additional investments planned in Elgin, Turriff, and Alford, this is a business determined to meet the challenges of our growing ageing population.”
Parklands profits highlights reason for investments
A spokesman for Parklands mentioned a challenging loss-making 2021 and a “modest recovery” in the following year left them with plenty of questions.
However, the latest figures puts the firm “on a more sustainable footing”, though challenges remain.
He said: “With the region facing more care home closures and a bed-blocking crisis, Parklands’ investment has never been more urgent.
“It will help tackle these challenges, create valuable new jobs, and support the local construction sector.
“Our recent turnover increase reflects the standard rise in national fees, high occupancy rates.
“And the acquisition of two care homes in Keith and Cullen following the collapse of Craigard Care.
“Our action ensured continuity of care for 70 residents and safeguarded 80 jobs. Both homes have since seen notable improvements in care standards.”
Parklands also recently added the 60-bed former Balhousie care home in Huntly, securing its future as a “vital community facility”.
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