Revenues roar past €300m at car tech firm Valeo Vision Systems
Revenues at the Tuam firm at the cutting edge of driverless car technology soared past the €300m mark in 2015, new accounts show.
According to accounts filed by Connacht Electronic Ltd, trading as Valeo Vision Systems Ltd, revenues at the company increased by 57pc, going from €191.9m to €301.89m in the 12 months to the end of December 2015.
Job numbers at the Co Galway-based Valeo Vision Systems have been increasing at a rapid rate as it ramps up its research and development (R&D) spend.
The company increased from 850 to 942 in 2015 and the directors that the company plans to further expand its current facility to facilitate the extra people/workers required for future projects and extra investment in R&D.
The firm's spend on R&D in 2015 increased by 45pc, going from €24m to €34.7m, and the increased spend contributed to pre-tax losses at the company increasing by 50pc to €26.79m in 2015.
At the end of 2015, the firm had 347 engaged in R&D and the directors state that subsequent to year end, the company had continued its recruitment drive to hire extra staff to help satisfy the increased sales and R&D activity forecasted.
Valeo purchased Connacht Electronic in 2007 and the business has expanded at a tremendous rate under the French owners, as the Galway company was targeting revenues of €37m in the year of sale.
Workers at the French-owned firm are engaged in testing the latest technologies for intuitive driving.
The Tuam plant is one of 58 Valeo R&D centres located across the globe and in 2016, the group - which is fully focused on the design, production and sale of components, integrated systems and modules for the automotive industry - recorded sales of €16.5bn.
In 2016, the group - which employs 91,800 people in 32 countries - made an R&D investment of €1.16bn.
The firm recorded an operating loss of €20m in 2015 and net interest payments of €6.5m reduced the firm's profits to €26.55m.
The loss resulted in the firm's accumulated losses increasing to €107.2m and a shareholders' deficit of €69.99m.