Medicash announces strong performance

The Liverpool based healthcare cash plan provider Medicash has released its annual accounts which demonstrate a strong performance despite a tough economic climate.

Chief executive Sue Weir said: "We are pleased with the results which have been achieved through a combination of product innovation, an increased focus on the corporate market and the commitment of all the staff.

We operate in a challenging healthcare market and are constantly researching and developing our products to respond to the changing demands of customers. In a climate where pay rises and expensive perks may well not be viable options, employers are under more pressure to find solutions around attracting, maintaining and rewarding quality people. A cash plan is an easy-to-implement way of demonstrating that the workforce is valued."

Despite continuing pressure on household disposable income and redundancies contributing to a three per cent decline in premium income, coupled with a marked rise in claims, Medicash maintained the same level of profit before tax (PBT) and gains on investment as posted in 2009 (£0.9m) through tight cost control.

Take up of corporate plans reached an all time peak in 2010 - up 20% on its best ever year. New client wins included lawyers DWF, GMG Radio, Liverpool Arena and Convention Centre (LACC) and one of the UK's leading business telecoms providers, Chess Telecom. Other clients include the Big Lottery, Jaguar Landrover and Littlewoods.

The Medicash Investment Portfolio continued to benefit from the rising markets in 2010 recording gains of £1.5m resulting in an overall profit before tax of £2.3m which will be retained and re-invested in the organisation for the benefit of its members. Turnover was £20.3m

Medicash's longstanding commitment to charitable giving and CSR has continued and the organisation is a shortlisted entrant in the Daily Post Regional Business Awards CSR category.