Aspen Medical makes record profit after COVID-19 contracts – $3,700 a day for supplying aged care workforce

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The company contracted to act as the Federal Government’s emergency responder for any aged care outbreaks has come out of COVID on top, recording a huge 650% revenue bump.

The Australian Financial Review reported the company was buoyed by Government contracts, worth a combined $1.3 billion, which resulted in revenue of $562 million – over seven times the $75 million it made in the previous year.

Most of the revenue came from its acquisition of medical supplies for the National Medical Stockpile (NMS), which accounted for $1.1 billion across four contracts.

In total, Aspen accounted for nearly 25% of all Department of Health contracts beginning in the year, including a $30.5 million contract to act as the Federal Government’s emergency responder to aged care outbreaks.

So far in 2020, it has delivered more than 8,300 service days in aged care facilities – which equates to $3,764 a day.

The company did donate $155,000 of its profit to a number of charities including the Aspen Foundation, which spends over $100,000 every year on scholarships for Indigenous Australians.