Pre-tax profits at the Irish arm of medical device manufacturer Stryker increased by 16 per cent to €38.74 million last year.
New accounts also show that Stryker Ireland Ltd recorded a 12 per cent rise in revenues to €366.9 million.
Numbers employed by the company increased by 176 to 1,415 and staff costs went up from €90.7 million to €102.8 million.
The firm is a large employer in Cork and operates a Surgical Innovation Centre at its plant in the city.
It recorded a post-tax profit of €28.5 million after paying corporation tax of €10.2 million.
The directors stated that revenues increase was due to growth in demand for its products throughout the year. “Turnover for the company in the next financial year is expected to be in line with that achieved in the current year,” they said.
The directors state that total operating profit - before exceptional items - increased by 18 per cent during the year and is primarily due to increased demand for higher-margin products.
A breakdown of the numbers employed show that there were 1,185 in production, 183 in other areas, and 47 in administration.
The profit takes account of non-cash depreciation costs of €23 million. The company also incurred research and development costs of €2.75 million net of tax credits of €5.6 million.
Shareholder funds at the end of December last increased from €531 million to €559 million. Pay to directors totalled €331,000 with directors gaining €32,000 through the exercise of share options.
The accounts disclose that the firm has received grants of €6 million from the IDA “which may be revoked, cancelled or abated in certain circumstances”.