Apex Radiology parent spends $620m on two imaging-centre takeovers

Image Plus Consultants Ltd (IPCL), the parent behind Apex Radiology, outlaid $620 million on a pair of takeovers that have taken its diagnostic imaging network to eight sites across Jamaica.

In the directors' report tied to results for the quarter ended May 2026, chairman Dr Steven Lewis and director Dr Jacqueline Leckie stated: "Having successfully completed two acquisitions, the company leads the provision of diagnostic imaging in Jamaica, offering patients convenient access to multiple modalities across eight service locations."

By the close of May, $470 million linked to those deals remained outstanding as deferred consideration. Group liabilities climbed from $420.8 million at the start of the financial year to $946.3 million. Management said the deferred balance was settled in full during June, after the reporting period ended.

Island Radiology joined the group effective May 1, bringing three centres: Eight Rivers Town Centre in Ocho Rios, Caledonia Mall in Mandeville, and Oasis Plaza in Santa Cruz. Cash-flow figures show $100 million paid in cash within the quarter, with the balance arranged as deferred payments.

IPCL noted that Island Radiology has operated medical imaging services since 2003 and is the only private operator offering MRI and bone densitometry in central Jamaica. The deal followed last year's third-quarter purchase of The Woman's Place and marked the second step in the firm's expansion plan.

The added sites lifted quarterly trading. Revenue advanced 31.6 per cent to $351.9 million from $267.4 million a year earlier. The two acquisitions supplied $45.7 million of that gain — 54 per cent of the uplift — though Island Radiology's contribution covered only May because of the May 1 close.

Profit before tax more than doubled to $32.8 million from $13.7 million, while earnings per share moved to three cents from one cent. Total assets rose by about one-third to $2.1 billion, mainly on assets brought in through the purchases. Scan volumes for the quarter increased 29 per cent to 17,444.