Operating profits double at Shannon-based manufacturer

A Shannon-based manufacturing firm last year more than doubled its operating profit to €1.7m.

GE Sensing EMEA is part of the GE corporation and figures just filed with the Companies Office show it recorded an operating profit of €1.73m in the 12 months to the end of December, compared to €688,871 in 2010.

The company, which employs 121 people at its Shannon base, increased revenues by 6% from €47.3m to €50.2m last year.

However, it recorded a pre-tax loss of €4.1m following interest payments totalling €5.9m.

The principal activity of the company is the manufacture and sale of sensing equipment.

The company had shareholder funds totalling €418,898 that took account of €24m in accumulated losses. The shareholder funds included a capital contribution of €24.4m.

The figures show that the amount paid to staff last year increased by almost €200,000, from €6.34m to €6.53m.

Staff numbers increased from 108 to 121 with 73 in administration and 48 in production.

The figures show that the four directors shared an aggregate €424,263 in emoluments — down marginally on the €425,100 in 2010.

The accounts show that the company’s operating profits were arrived at after non-cash charges of €5.3m of amortisation of intangible assets and depreciation costs of €837,562.

The figures show that the EU is the company’s biggest market, where the company recorded €27m in sales last year, and “other” was its second biggest market, recording sales of €22.1m. The company recorded sales of €528,838 in the US last year.

The figures show that the company’s cost of sales last year increased marginally from €32m to €33m and administrative expenses decreased slightly from €8.5m to €8.4m.

The figures show that the company’s “other operating charges” decreased last year from €5.6m to €5.3m.