RESIDENTIAL care and children's education provider Keys Care in Belfast has revealed a major swing in its financial fortunes after going from a loss of £3.3 million in 2018 to a bottom-line profit of £1.3 million in the year to last March.
The change is largely down to a significant jump in administrative income and a reclassification of costs, according to latest accounts filed at Companies House.
At a headline level, Keys Care (previously known as BetterCare Key) had revenues of £9,181,000, a shade down on last year's figure of £9,230,000.
Its running costs were £13.4m (against £14.2m in 2018), which meant it showed a gross loss in the year of £4.2m.
But its administrative income tripled from £1.8m to £5.1m, translating into that £1.3m retained profit.
Keys Care offers rehabilitation support services such as therapy, fostering, education and training and development to children and young people in Britain and Ireland.
It started life in 1994 when it was incorporated in Belfast and was known as Annvale Ltd before changing its name to BetterCare Keys Ltd in April 2006 and subsequently taking on its current name in February this year.
The number of people employed by the group over the year was 309, made up of 109 care staff (a drop of more than 80 on 2018), 41 teachers and 159 administrative staff (up from 90 previously). The total wages bill reduced from £11.1m to £10.5m.
The three listed directors at the company - David Manson, Patricia Lee and Dan Svensson (he was appointed just 10 days before the financial year ended on March 31) - were paid a combined £523,000.
Keys Care offers individual education programmes, outdoor education and vocational training, attachment therapy, and fostering services; therapeutic services for the people with early trauma, abuse, and separation; placement breakdown; and specialist residential services in the areas of substance abuse, offending behaviours, eating disorders, sexual exploitation, sexually harmful behaviours, emotional difficulties, and respite and planned breaks.
It also provides professional consultancy and training services for residential teams, parents, and other professionals in the fields of leaving care, children looked after, and child protection.
The company's ultimate parent is the Keys Group, one of the largest independent providers of residential care and specialist education in the UK.
