Pharma group reports €5.4m pre-tax profit
A Connemara-based pharmaceutical firm last year recorded pre-tax profits of €5.4m after its revenues increased by 64pc to €40.7m.
Accounts just filed by the US-owned Bioniche Pharma Holdings Ltd and subsidiaries to the Companies Office, show that the group recorded the €5.4m pre-tax profit to the end of June last year after recording a loss of €821,863 in 2008. The group is involved in the manufacture and distribution of speciality pharmaceutical injectables in vials and syringes mainly in Europe and North America.
In their report, the directors state: "On reviewing the existing portfolio, further target growth can be achieved from the existing range.
Future growth in sales will come from new product acquisition, and in-house and external development projects going to market.
"The group's acquisition strategy will be directed to areas where 'value add' and synergy can be achieved."
The directors report that "investment has been made acquiring eight drug products licensed for sale in the United States and a ninth product, a worldwide patented medical device product currently sold in Europe".
The accounts show that the company recorded operating profits of €7.1m last year after incurring an operating loss of €217,681 in 2008.
The figures show that the bank interest payable by the group almost trebled last year, going from €976,516 to €2.69m.
However, the company's pre-tax profits benefited from the group's "other income" more than doubling from €372,334 to €981,803.
The group's shareholders' funds increased from €32.9m to €37.2m last year, according to the filings.
The accounts also show that the number employed at the Inverin-based group increased from 144 to 158 last year.
A breakdown of the group's staff show that 76 are employed in production; 53 in quality control; 16 as office staff and 13 in sales and marketing.
Thegroup's staff costs increased from €6.9m to €7.8m, while directors' remuneration for management services has increased from €257,000 to €454,554, according to the accounts.
The filings also confirm that the company has received capital grants of €2.1m from Udaras na Gaeltachta.
In addition, the group paid €29.3m during the year for the purchase of an intangible fixed asset.