Profits increase at Limerick-based Cook Medical to €61.9m
Cook By Year Based Increased Emea Of Cook Is To By Medical Medical During Employed A Group The And Ltd Ltd 662 Subsidiary Cook At The National Numbers Park Medical Limerick One Technology
Pre-tax profits at the EMEA business at one of the largest employers in the Midwest, Cook Medical, last year increased by 42% to €61.9m.
New consolidated accounts filed by Cook Medical EMEA Group Ltd show that the group recorded the increase in profits as revenues rose by 1.4% from €787.33m to €798.49m last year.
Cook Medical Ltd is a Limerick-based subsidiary of Cook Medical EMEA Group Ltd and during the year numbers employed by Cook Medical at the National Technology Park increased by one to 662. The €41.7m staff costs included redundancy payments of €1m.
Factors behind the rise in pre-tax profits at the EMEA Group business include €8.7m in interest payments received and a €6.2m profit from the disposal of business assets.
The directors for Cook Medical EMEA, which is a parent of all Cook entities in Europe, state that the result of 2023 returns the group “to a strong profitable position” following the post-tax loss recorded in 2022.
The directors state that the 2022 post-tax loss is principally related to the booking of a once-off tax provision of €73.4m during that year. The group provided for a tax liability arising from an assessment from the Danish tax authorities.
The group has two manufacturing plants in Europe, based in Limerick and Denmark and also operates a European master distribution centre which is based in Germany.
The directors say that the group has a large customer base of hospitals and clinics in Western Europe and also exports to distributors in Eastern Europe, the Middle East and Africa as well as supplying products to the North and South American and Asia Pacific markets.
On the firm’s future developments, the directors state that “management expect pressure on healthcare budgets to continue in 2024 onwards but are confident that the group is well positioned to grow”.
They say that the group “has ambitious but achievable business goals, with both the Vascular and MedSurg Division expected to achieve sales growth”.
They said: “Increased sales growth combined with continued monitoring of costs, should allow the group to trade profitably for the foreseeable future. In 2024 and beyond, the group is focused to develop and launch new technologies to ensure that customer and patient needs can continue to be met.”
The pre-tax profits last year take account of non-cash depreciation costs of €6.6m. At the end of December last, shareholder funds at Cook Medical EMEA Group totalled €522.67m. Cash funds at Cook Medical EMA Group last year increased from €129.12m to €152.38m.
Numbers employed across Cook Medical EMEA last year increased from 2,243 to 2,278 as staff costs rose from €189.82m to €194.63m. Directors’ remuneration last year went up from €564,816 to €750,607.