Stryker profits decline 47pc
Pre-tax profits at medical device manufacturer Stryker last year declined by 47pc, to €31.7m. The drop in profits at Stryker Ireland came in spite of revenues increasing by 11pc, going from €271m to €301m.
Numbers employed by the company last year increased from 939 to 1,062, with staff costs increasing from €70.7m to €76.7m. The directors state that revenues increased by 11pc during the year due to growth in demand for products throughout the period.
They state: "Turnover for the company in the next financial year is expected to be in line with that achieved in the current year."
The directors state that operating profit before exceptional items decreased by 9pc last year.
The directors state that the decrease in profits was due to research and development (R&D) spending increasing by €2.7m. The company's R&D spend last year was €20m net of tax credits of €3.95m. The profit last year takes account of non-cash depreciation costs totalling €9.8m.