Monster Cables profit doubles

Pre-tax profits at the Ennis-based arm of US-owned company Monster Cables more than doubled in 2010 to €1.3m.

Accounts recently returned to the Companies Office show that Monster Technology International Ltd increased its pre-tax profits by 105% to €1.33m.

The company established a “Shared Services Centre” at the Ballymaley business park outside Ennis in 2005 and the figures show that the company more than doubled its revenues from €21.6m to €44.4m in the 12 months to the end of December 2010.

The principal activity of the company is the supply chain management for all Monster Audio Visual Accessories for the European and Canadian markets.

According to the directors, “it is the intention of the directors to continue to develop the current activities of the company”.

The accounts show that the company enjoyed a 107% rise in operating profits in 2010 from €645,209 to €1.337m.

The accounts show that at the end of 2010, Monster Cables had accumulated profits of €2.9m.

The company’s cash increased during 2010 from €2m to €2.8m. The accounts show the company’s cost of sales more than doubled from €14m to €30m.

The filings show the company’s selling expenses last year increased from €4.7m to €11.3m, while administrative expenses reduced from €2.36m to €1.33m.

The Ennis base of Monster Cables has responsibility for a range of business support activities for the company on a worldwide basis, outside the Americas.

Its activities include order placement, customer services, and development and supply chain management.