Pre-tax profits at the Brian O'Sullivan-led Zeus Packaging last year increased by 49% to €24.36m as revenues increased sharply.
The Rathcoole based global packaging solutions group on the outskirts of Dublin recorded the increase in profits as revenues surged by €114.8m or 40% from €287.45m to €402.3m on the back of the group's continuing acquisition strategy.
Zeus owner Brian O’Sullivan won the 2021 Irish EY Entrepreneur of the Year award.
Numbers employed by the group last year increased from 560 to 777 and staff costs rose sharply from €17.98m to €33.35m.
The Irish headquartered multi-national has employees at sites in Ireland, UK, Germany, Spain, Poland, Ukraine, Canada, New Zealand and Australia.
Pay to Fermoy native and sole director Mr O’Sullivan last year increased marginally from €2.18m to €2.19m.
The director’s report states that during the current financial year, the company made strategic acquisitions in Ireland, the UK and Canada and that Mr O’Sullivan was "satisfied with the performance of the group".
The acquisitions included the purchase of JJ O'Toole packaging firm in July 2022.
The accounts show that the purchase of Swanline Group Ltd was satisfied by €28.3m in cash and that the Swanline Group purchase last year contributed €20.9m towards revenues and profits of €6.1m.
The report states that Mr O'Sullivan expects the level of business activity to increase as a result of the acquisition strategy.
This year, the accounts state that the group has purchased three businesses in Poland, Germany and Northern Ireland along with a 70% controlling interest in an Italian firm.
Customers of Zeus range across sectors and include Supervalu, Centra, Dunnes Stores, Insomnia and the HSE. The firm provides services to firms in pharma firms, small businesses and food processing industries.
A breakdown of the group’s revenues show that it generated €135m here in the Republic, €248.9m in Europe and €18.3m in the "rest of world".
The accounts show that the group's earnings before interest, taxation, depreciation, and amortisation ('EBITDA’) last year totalled €33.84 in 2022 compared to €22.2m in 2021.
The pre-tax profit took account of non-cash depreciation costs of €2.1m and non-cash amortisation costs of €5.1m along with a non-cash write-down of €983,391. The group also incurred interest payments of €2.19m.
The group recorded post tax profits of €20m after paying corporation tax of €4.32m.
At the end of December last year, the group had shareholder funds of €74.4m that included accumulated profits of €61.8m. Cash funds increased from €15m to €24.3m.
Reporting by Gordon Deegan
