Offaly-based medtech firm Steripack sees profits jump

Steripack, an Offaly-headquartered company whose medical packaging business was recently snapped up for an estimated €70 million, saw profits more than double last year.

The company, which produces sterile packaging for the healthcare and pharmaceutical industries, reported a pretax profit of €4.8 million for the 12 months ending September 2015, versus €1.7 million a year earlier.

Established by chief executive Garry Moore in 1994, the Clara-based company sold it medical packaging unit to Bemis in April. The group continues to own and operate its contract manufacturing division.

Steripack recorded turnover of €27 million for fiscal 2015, up from €25 million a year earlier, with an operating profit of €5.4 million, as against €2.1 million in the 12 months to the end of September 2014.

A breakdown of revenues shows 61 per cent of turnover derived from outside of Ireland. Some €10.5 million in income came from the Republic of Ireland, with €13 million originating from elsewhere in the EU and €3.4 million from outside Europe.

Dividends of €21,001 were paid during the year on preference share capital, the company said.

The company, which saw headcount increase from 182 to 196 last year, said staff-related costs totalled €7.7 million. Directors’ emoluments totalled €952,353.

Subsidiaries

Shareholders’ funds totalled €24.3 million at the end of the year under review, up from €19.9 million, a year earlier.

Loans to subsidiaries last year totalled €17.4 million, of which €9.6 million went to the group’s US business. A further €4.6 million went to an Asian subsidiary.

Loans to subsidiaries over the years include a €2.4 million investment in Steripack Medical Poland, which earned trading profits of €2.23 million and had a net asset position of €6.9 million a the end of September 2015.

An additional €9.9 million in investment to the group's Malaysian-registered subsidiary Steripack Asia was recorded, with the unit incurring trading losses of €36,000 last year.

Steripack’s US subsidiary has received a total of €12.6 million in loans and investments. The division reported a €2.16 million trading loss for the 12 months to the end of September last.