Cook doubles its sales but profit takes dip
Pre-tax profits at the main Irish arm of medical device manufacturer Cook dipped slightly last year to €17.8m despite sales doubling.
New accounts filed by Cook Ireland show that revenues at the US-owned firm nearly doubled from €222.5m to €430.7m in 2012.
The company's business at Limerick underwent massive expansion last year, with the numbers employed there increasing by a quarter to 775, and staff costs increasing from €26.13m to €33.3m.
The firm's European Distribution Centre became operational at its Limerick base in 2012.
The group serves hospitals and clinics in Western Europe and also exports to distributors in Eastern Europe, the Middle East and Africa, as well as supplying products to the North and South American and Asia-Pacific markets.
"Sales continued to grow in 2012 despite ongoing pressure on healthcare budgets in many countries, with profitability remaining consistent with the prior financial period," the report says.
The directors state that they expect pressure in healthcare budgets to continue in 2013, but are confident that the group is well positioned to grow.
In April 2013, Cook voluntarily withdrew one of its vascular stents made at Limerick based on a small number of complaints received.
The directors added that Cook Medical has conducted an exhaustive quality assessment and audit of the affected components, to ensure satisfactory performance of the delivery system.
The Irish unit is led by Bill Doherty, and the accounts show that aggregate remuneration, including pension contributions for Mr Doherty and three other directors last year, increased from €349,350 to €364,024.
The amount the firm spent in R&D last year increased from €2.894m to €3.287m. The firm recorded an operating profit of €16.9m and net interest receivable of €812,000.