Pegasus Health’s updated Christchurch building has had a big rise in value since being redeveloped to house the 24 Hour Surgery.
Pegasus chief financial officer Jacky Percy says the independent valuation of Pegasus House, based on completion of the new 24 Hour Surgery, gave rise to a $1.9 million revaluation gain, leading to an overall company result of a $2 million surplus.
Pegasus Health “Group” consists of Pegasus Health and its subsidiaries, the major one being Pegasus Health (LP) Ltd, which holds a 50 per cent investment in teletriage organisation HomeCare Medical Ltd.
The group’s operating result for the financial year ending 30 June was a $729,000 surplus which, when combined with movement in property valuations, gives a $2.5 million surplus at the bottom line.
The financial statements include Pegasus Health (Charitable) Ltd and its associates, the most significant being After Hours Properties Ltd, which owns the 24 Hour Surgery, collectively known as “the company”. This recorded a $227,000 surplus, which was $1.1 million better than budget.
The company’s revenue increased by $2.8 million as a result of, for example, incremental increases for managing the South Island’s electronic request management system and electronic health records system, HealthOne, and new initiatives in mental healthcare.
The most significant component of expenses, after wages and salaries, continued to be providing support to practices for information systems.
Financial statements show 58 people employed by Pegasus earned more than $100,000 in the financial year.
This includes 18 Pegasus employees earning between $100,000 and $110,000, six between $160,000 and $170,000, one person earned between $240,000 and $250,000, and another between $310,000 and $320,000.
Read more about Pegasus providing business support to its practices over the past year. See page 22