Shannon-based UCB records pre-tax profits of €573.7m

A Shannon-based pharmaceutical firm, UCB Manufacturing Ireland, recorded pre-tax profits of €573.7m in 2011.

Accounts filed with the Companies Office show the chief factor behind the company returning to profit was an exceptional gain of €651m after a debt of that amount due to parent company, Belgian-based UCB, was waived.

The figures show that the Irish unit — formerly Schwarz Pharma Ltd — increased its turnover by 11% or €8.8m from €81.4m to €90.2m in the 12 months to the end of Dec 2011.