Profits at pharma firm double to €18.5m
Pre-tax profits at pharmaceutical firm Clonmel Healthcare more than doubled to €18.5m last year.
New accounts show that the Co Tipperary-based firm enjoyed the massive increase in pre-tax profits largely as a result of receiving dividends of €12m from a subsidiary.
Revenues fell from €47.38m to €41.62m in the 12 months to the end of December last.
The principal activity of the is the sale and marketing of pharmaceutical products.
The directors state that they are satisfied with the year-end financial position.
The firm increased its Irish business last year with sales here increasing from €22.76m to €24.9m while its export business decreased sharply, from €24.6m to €16.7m.
Numbers employed remained static at 46: 24 in sales, nine in r&d, seven in distribution and six in administration. Staff costs increased from €3.4m to €4.2m. The firm's operating profits fell from €9m to €6.9m.
The report states: "The company is committed to an ongoing programme of research and development so as to maintain and improve its competitive position."
Clonmel Healthcare is a subsidiary of German-based Stadaa, a pharmaceutical manufacturing and marketing company which employs over 270 staff across two locations.
The Irish business has a manufacturing plant in Clonmel and a sales and marketing office in Dublin. Pay to directors last year increased to €490,639.
The profit takes account of non-cash depreciation costs of €1.93m and €279,993 in amortisation of intangible fixed assets while the firm's R&D expenses last year totalled €938,500.