Cook profits down 82pc as costs rise
Pre-tax profits at medical device firm Cook Ireland last year slumped 82pc to €5.49m in spite of an increase in revenues.
New accounts for the Limerick-based firm show revenues last year increased by 1pc from €558.7m to €564.7m.
The directors state that revenues increased despite ongoing pressure on healthcare budgets in many countries.
The US-owned company sustained the drop in pre-tax profit after administrative expenses increased by 19pc from €140.6m to €167.52m.
Numbers employed at the company last year increased from 863 to 935, with staff costs rising from €38.45m to €43.32m.
The company has a large customer base 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.
The directors stated that the group continued to increase its investment in research and development activities in 2016 in order to improve existing products and research new product ideas across a number of business units.
Pay for directors last year reduced from €387,353 to €380,201.
The profits take account of non-cash depreciation costs of €6.46m.
Research and development costs increased marginally from €5.173m to €5.2m.
It paid dividends of €462,000 to Cook Netherlands last year and this followed a dividend payout of €709,117.
The company had shareholder funds of €331m.