Profits jump 56pc at chemical firm to €1.1m
Pre-tax profits at the firm employed by the Government to deliver the material used for the contentious fluoridation of the State's water supply last year jumped by 56pc to €1.16m.
New figures show that pre-tax profits at Chemifloc Ltd increased by €416,776 from €744,548 to €1.16m in the 12 months to the end of December last.
The firm has the contract to deliver the hydrofluosilicic acid from a source in Spain that is required for the fluoridation of the State's water supply.
Between 2009 and 2013, the State has spent €9.7m on supplying the hydrofluosilicic acid.
Chemifloc was first awarded the hydrofluosilicic acid contract in 1991.
The main activity of the company is the manufacture of water treatment chemicals and according to the directors' report "both the level of business and year end financial position were satisfactory given the current economic climate".
The directors state that they expect the present level of activity to be sustained for the foreseeable future.
The firm recorded the increase in pre-tax profits after its gross profit jumped by 15pc from €4.346m to €5m.
The firm was established over 30 years ago by Hilary Lawless and his colleagues and last year, the firm had accumulated profits of €12.83m.