Profits fall 11% at drug company Servier

Pre-tax profits at the Irish unit of French pharmaceutical company Servier fell 11% to €54.97m even as revenues jumped.

New accounts filed by Servier Ireland Industries Ltd show revenues increased 7% to €694.8m in the 12 months to the end of September last year.

Staff numbers at the firm’s Arklow plant fell from 412 to 387.

This included 311 people who work in production and 51 people in administrative posts.

The filings show that staff costs fell from €26.2m to €25.3m. Directors were paid €46,650, the same amount as in 2015.

Servier makes pharmaceuticals, primarily for export. It paid a dividend of €50m to its parent in 2016

In 2016, it had also paid out €50m.

The directors state: “During the year, sales increased from the previous year. This increase was driven by increased production overall on new and existing products.”

On the outlook for the current financial year, they said: “The group expects to retain its sales levels and further improve its financial performance in the coming year.”

Its tax bill of €6.93m was based on net profits of €48m.

Accumulated profits fell from €226m to €224m.

Servier’s total shareholder funds stood at €243m, including €93.5m in cash.

The profits take account of non-cash depreciation costs of €8.13m. Cost of sales increased from over €488m to €548.5m.

Operating profits fell from €61.7m to €54.83m.

The firm also benefited from a €2.7m gain on the disposal of tangible fixed assets.


Lifestyle

In January of 1994, RTÉ reporter Tommie Gorman was given a diagnosis that would change his life.Examine Yourself: Getting cancer made sense of everything for Tommie Gorman

In aid of Cancer Awareness Week, we convinced four of our columnists to bare all for our Examine Yourself campaign.Examine Yourself: Baring all for Cancer Awareness Week

It was an effervescent and often moving turn by an artist with a meaningful claim to the title of world’s most interesting pop star.Ariana Grande's opening night at 3Arena in Dublin proved why she is the world's most interesting pop star

Marian Duggan was in her 20s and could not imagine that her symptoms could be so serious, not even when a tennis-ball-size cyst was removed from her left ovary, says Helen O’Callaghan.Examine Yourself: 'I thought I was too young to have cancer'

More From The Irish Examiner