Monday 23 September 2019

Profits soar to €509m at eye care firm

Firm makes eye care products. Stock image
Firm makes eye care products. Stock image

Gordon Deegan

Pre-tax profits at the main Irish arm of healthcare giant Johnson & Johnson soared by 44pc to €509.14m last year.

Meanwhile, revenues at Johnson & Johnson Vision Care (Ireland) rose by 3pc, from €985m to €1.018bn.

The company is one of the largest employers in the Midwest, with staff numbers rising from 922 to 952 in 2017. The principal activity of the firm is the manufacture and distribution of eye care products. 

The accounts provide the first insight into the Limerick-based firm since 2006. Those were the last filed before the firm re-registered as an unlimited company in 2008, putting accounts beyond public scrutiny.

The new accounts reveal that the business last year paid out a dividend of €320m. It recorded post-tax profits of €447m after paying corporation tax of €61.4m. The firm enjoyed the profits rise after a €78m impairment recorded in 2016 didn't reoccur last year.

Staff costs last year increased from €65.72m to €75.57m.

Pay to directors rose from €1.53m to €2.46m, made up of €2.05m in emoluments, €282,000 in gains on share options exercised and pension payments of €123,000.

Shareholder funds totalled €707.5m, including accumulated profits of €537.9m.

Irish Independent

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