Celestica Ireland back in the black with €1.7m profit
The accounts, for Celestica Ireland, show the business recorded a pre-tax profit of €1.67m in 2014.
This followed the Galway-based company showing a pre-tax loss of €2.87m in 2013, which arose from restructuring charges of €4.2m.
Despite the return to profitability, the Irish division saw revenues drop by 17% to €57m in 2014, mainly due to reduced demand from “a significant customer”.
The company employs 401 people here.
The accounts also note the firm was awarded a new contract during the year in question, which is expected to increase the company’s activities in future years.
As a direct result of that new business win, Celestica Ireland reversed plans to vacate one of its premises here.
The company specialises in high-volume manufacturing and assembly on high-precision automated lines and the Galway facility is a key provider of the overall group’s automated manufacturing services offering.
Staff costs in 2014 declined by €2.36m to €17.5m but combined directors’ pay increased marginally from €96,479 to €106,434.
Total numbers employed totalled 314 in production with 89 employed in management and administration.
The figures show the vast proportion of the company’s sales took place in Ireland in 2014 with €56.98m here and €127,927 in other countries.
The company’s shareholder funds at the end of 2014 had increased from €6.9m to €8.6m.
During the year, the firm’s cash more than doubled from €3.3m to €7.06m. Cost of sales decreased sharply from €57.3m to €46.46m.
