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PBT more than doubled, increasing by 138.8% to $32.8 million from $13.7 million 

Durrant Pate/Contributor

Image Plus Consultants, which trades as Apex Radiology, is reaping many dividends from its recent acquisition of Island Radiology Limited (IR) and the Woman’s Place (TWP), a Kingston-based facility specialising in mammography. 

The acquisitions of both entities have resulted in revenues increasing by 31.6% or $84.5 million to $351.9 million for the first quarter ended May 31, 2026, up from $267.4 million last year. IR, which is a local company providing medical imaging services since 2003, with branches in Mandeville, Ocho Rios and Santa Cruz was acquired effective May 1, 2026 while the purchase of TWP took place last year 

Having successfully completed the two acquisitions, Image Plus leads the provision of diagnostic imaging in Jamaica, offering patients convenient access to multiple modalities across eight service locations with IR  being the sole private provider of MRI and bone densitometry studies in Central Jamaica.

The company delivered a strong start across all key profitability measures in the first quarter of the 2027 financial year, and the Directors are encouraged by the double-digit revenue growth achieved. The acquisition of IR strengthens Image Plus’ footprint, making health care conveniently available for more Jamaicans and providing a solid platform for sustainable growth.

Revenue impact from both acquisitions

Both acquisitions contributed $45.7 million or 54% of the increase in revenue and include one month of IR’s performance, given that the sale was finalised on May 1, 2026. Some 17,444 cases were completed in the quarter, an increase of 3,906 cases compared to 13, 528 cases in Q1 of the previous financial year. 

The Ministry of Health referral cases represented 8.9% of the total revenue, with gross profit increasing by 30.0% or $52.2 million to $225.8 million for the current first quarter, from up from  $173.6 million in the previous year, with the resultant gross profit margin remaining relatively stable at 64.1%, compared to 64.9% in the prior year.

Administrative expenses increased by 25.5% or $31.2 million to $153.6 million (Q1 FY2026: $122.3 million). As revenue growth outpaced the growth in administrative expenses, operating profit rose 77.0% to $41.8 million for the current Q1 of FY2027 (Q1 FY2026: $23.6 million), and the operating profit margin improved from 8.8% to 11.9%.

Profit before tax (PBT) more than doubled, rising by 138.8% to $32.8 million from $13.7 million last year with the PBT margin improving from 5.1% to 9.3%. Earnings per share rose to $0.03 from $0.01. 

More financial highlights

Total assets grew to $2.1 billion as of May 31, 2027, up 36.6% from $1.5 billion at the end of FY2026. This increase was driven principally by the recognition of $575.6 million in additional non-current assets associated with the IR acquisition. 

Total liabilities rose to $946.3 million from $420.8 million at the start of the financial year, reflecting deferred consideration of $470.7 million recognised in respect of the acquisitions, together with a bank overdraft of $49.3 million. The overdraft was a short-term facility which has since been replaced by the bank loan used to fund the acquisition. 

The company delivered a strong start across all key profitability measures in the first quarter of the 2027 financial year, and the Directors are encouraged by the double-digit revenue growth achieved. The Board continues to hold the team accountable to deliver on the promise of an excellent patient experience, the successful integration of the acquired businesses, continued cost discipline and overall execution efficiency.