Irish-based US firm records profits of €31m

AN Irish-based US multinational that provides technology to the international space station recorded pre-tax profits last year of $45 million (€31m) after increasing revenues by 10%.

Microsemi’s Irish base in Ennis, Co Clare is the largest unit in the global corporation in terms of revenues and increased sales to $86m in the 12 months to the beginning of October.

Microsemi Ireland Trading Ltd’s finance director, Paul O’Brien, explained yesterday that the figure represented just nine months of manufacturing business due to a change in how the company’s figures are presented. On an annualised basis, the manufacturing business would have recorded pre-tax profits of $66m on revenues of $115m.