Firm reverses plan to cut jobs

A Cork-based medical firm that last year announced it was to cut 142 jobs has reversed its decision.

The US-owned Stryker Ireland Ltd cancelled the restructuring programme “following the review of the company’s operations and the winning of a new business contract”.

The restructuring programme announced in May last year was to be implemented this year and completed in 2013.

However, cancellation of the programme is confirmed in new accounts by Stryker Ireland Ltd that show that pre-tax profits increased by 101%, from €124.2m to €250.4m.

This followed revenues increasing by 46%, from €351.7m to €515m, in the 12 months to the end of December last.

According to the directors’ report, “the company had strong growth in the period under review, with an increase in sales of 46%, reflecting the impact of the operations acquired from Benoist Girard SAS, a related Stryker entity in late 2010”.

They added: “Margins have increased on the prior year and profit before tax significantly increased on 2010.”

Stryker operates two plants in Ireland: One at Carrigtwohill, Co Cork, and an orthopaedics plant at Raheen Business Park in Limerick.

The figures show that staff numbers last year increased from 680 to 700 with staff costs increasing by 12% from €39.3m to €44m.

The profit last year takes account of non-cash depreciation and amortisation costs of €5.4m.

The figures show that Sryker’s R&D spend more than doubled last year, going from €13.8m to €30.2m. According to the report, “the directors are committed to reducing the lead times in bringing innovative new products to market as part of a global initiative”.

The firm’s accumulated profits at the end of December last stood at €365.1m.

The sharp increase in pre-tax profits arose from a marginal increase in cost of sales, from €202.3m to €219.3m, while administrative expenses dropped from €11.2m to €12.8m.

The figures show that the firm’s operating profit more than doubled, from €124.3m to €252.5m. Net interest payable of €2.1m reduced the firm’s profits to €250.4m

Stryker Ireland last year paid corporation tax totalling €31.1m compared to €12.5m in 2010.

© Irish Examiner Ltd. All rights reserved

Email Updates

Receive our lunchtime briefing straight to your inbox

More in this Section

Irish investors warned on ‘overvalued’ shares due to Trump and Brexit

Comment: The Davos set starts to love Donald Trump

Michael Noonan: Tax laws will stop UK haven plans

Competition probe rebukes IPOA landlords


Breaking Stories

What happens when you throw gamers into real-life Halo Wars 2?

Is Adoptly the worst Kickstarter idea of all time or just a parody of start-ups?

Samsung to reveal Note7 fault details on January 23

The Potus Twitter account has already been handed to Donald Trump

Lifestyle

Go from fatigued to fit with this quick workout

A look back at the inauspicious inaugurations in US history

Ian McKellen it's all about pleasing your parents

Time to indulge in a soak

More From The Irish Examiner