Thu, 12 Jan 2023 | BUSINESS NEWS
Rodericks Dental, an acquisitive Northampton-headquartered dental group, has boosted its turnover by close to 40 per cent, following a year in which it accelerated its M&A-led growth strategy. The company acquired more than 20 practices across England and Wales last year and now has more than 140 sites.
During the year to March 31 2022, Rodericks Dental’s turnover increased by around 39.7 per cent to £79.4 million, up from £56.8 million in 2021. In 2020, the group’s turnover stood at £52.8 million. Despite this growth, the company’s pre-tax losses increased from £1.6 million to £3.1 million.
In a statement signed off by the board, the company stated: "The directors are pleased to report that the company has performed well during the year under review."
"Our strategy of growing the network via acquisitions, against tightly controlled criteria, has accelerated in the year and the business acquired an additional 23 practices. The practices become fully integrated into the business over time and form a strong network across our chosen geographies. We expect this growth continue."
Rodericks Dental, which can trace its origins back to 1923, has established itself as a major consolidator in the UK’s highly fragmented dental sector. The group seeks to acquire both NHS and mixed dental practices, with its M&A activity headed by Head of Acquisitions Steve McCarron and Head of Integration Faye Gibson.
M&A in the UK dental industry is driven by numerous factors, with the bulk of businesses still independently owned small practices. Rising sale values, inflated post-COVID demand, increasing demand for cosmetic and aesthetic treatments, growing private equity investment and the escalating pressure on independent owners are all contributing to increasing M&A activity.
On its website, Rodericks Dental says it recognises “the ever growing pressures placed on the administration and compliance side of running a practice and the need to deliver high standards” and adds that it can help practices “to return to delivering patient care without the time and pressures of ownership.”
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