Pharma firm Beckman Coulter lifts profits 53pc
Pre-tax profits at pharma firm Beckman Coulter increased by 53pc to €5.85m last year.
That's despite revenues declining by 17pc, from €171.57m to €142.99m, in the 12 months to the end of December last.
Staff numbers at the firm - which is based in east Clare - last year fell from 340 to 310. Staff costs increased from €18.89m to €20.42m.
The directors said the performance of the firm was in line with directors' expectations.
Last year, the company secured planning permission for a large extension to accommodate an additional 105 staff.
The directors' report makes reference to the expansion, stating that the company announced in April 2016 its intention to invest in an expansion programme to allow for future growth.
The directors state: "The extent of this investment is yet to be confirmed and there has been no capital commitment made in relation to same."
The company's operating profits increased by 24pc going from €6.5m to €8.17m. Net interest payable of €2.26m resulted in the pre-tax profit of €5.8m.
The company last year incurred €4.29m in Research & Development (R&D) costs. The profit also takes account of non-cash depreciation costs of €1.1m.
The company's directors are listed as Piers Devereux, Paul Henry and Liam McGregor. Directors' remuneration last year totalled €923,000, made up of €858,000 in emoluments €65,000 in pension payments.
The firm recorded post-tax profits of €4.8m after paying corporation tax of €987,000.
Shareholder funds totalled €38m at the end of December last. The company's cash decreased from €28.64m to €6.39m.