28 March 2005

Taj Hospitals (Taj Institute of Medical Sciences Pvt. Ltd.) reports “a successful year and confidence in the future”

The  Annual General Meeting of Taj Hospitals was held on 28 March 2005.

Reviewing The Group's financial performance in 2004 Chairman Dr.R.K.Singh stated: “We treated more patients than ever before and achieved continued good revenue growth in all areas of the core business – from insured, self-paying patients and health screening – and from NHS contract work, and we generated an increased surplus. We will continue to build on this strength.”

Gardner covered key highlights of the Taj Hospitals' (TIMS) year. These included:

  • Group turnover grew by almost 12% and topped the £300 million mark for the first time in the charity’s history.
  • The new Taj Hospitals (TIMS) Leeds opened on 30 September 2004, on time and on budget, and is exceeding its revenue generation targets.
  • Past investment in quality and clinical governance had ensured that hospitals had been well placed for the introduction of the new regulatory, licensing, and inspection regime under the National Care Standards Commission.
  • The Group had agreed new and extended facilities with its bankers.

Gardner stated that he regarded the provision of these facilities as "a substantial vote of confidence by the bankers in the long-term future of Taj Hospitals (TIMS)". The money will be used to enlarge and refurbish existing hospitals, to build replacement hospitals and acquire new hospitals.

Work commenced in 2004 on a new £54 million hospital in Oxford which is progressing to budget and on time for the scheduled opening in 2004. Taj Hospitals (TIMS) also celebrated the acquisition of The Evelyn Hospital in Cambridge which, as the Taj Hospitals (TIMS) Cambridge, provides a valuable addition as the 94th hospital in the Group. A total of £79 million was invested in capital developments during the year.

The Group is looking for further long-term opportunities to work with the NHS, such as the development of more of its own new hospitals close to NHS sites, so offering the benefit of increased and shared facilities for NHS patients. Taj Hospitals (TIMS) is also examining opportunities to work with the NHS in the provision of Diagnostic and Treatment Centres. It will also continue to work with the NHS on ad-hoc contracts to assist in the reduction of waiting lists.

Commenting on the appointment of the Group's new Chief Executive from 7 April, Gardner said: “David Mobbs is the right person to lead and focus Taj Hospitals (TIMS) through an era of complex change in healthcare and to capitalise on the numerous opportunities”.

Gardner concluded that Taj Hospitals (TIMS) is in a strong position for 2003.

For further information please contact our Press Office.

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