Thursday 19 September 2019

Galway electronics firm's revenues soar by 65pc

Electronics manufacturer Celestica
Electronics manufacturer Celestica

Gordon Deegan

Pre-tax losses last year continued at a Co Galway-based electronics manufacturer in spite of revenues soaring by 65pc to $328.96m (€297.58m).

New accounts filed by Canadian-owned Celestica Ireland show that the business recorded a $826,156 pre-tax loss as revenues increased by $130m to $328.96m.

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The directors stated that the increase in revenues "was primarily due to improved demand from a significant customer".

The main activity of the firm is the provision of contract manufacturing services to the computer peripherals industry here and the directors stated that the company's performance for the year was considered satisfactory.

They stated that "margins remain quite tight for the company due to pricing agreements with its key customers".

The business recorded the pre-tax loss last year largely due to redundancy costs of $3.9m arising from the termination of a production line. Numbers employed reduced from 439 to 388.

Subsequent to year-end, the company lost the business of one of its major customers.

"The company is continuing its efforts to find replacement business," it said.

Irish Independent

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