Pre-tax profits at the Irish arm of medical device manufacturer Boston Scientific last year increased by 60.5% to $101.5m (€94.5m).
New accounts filed by the Galway registered Boston Scientific Ltd show that the firm enjoyed the jump in profits despite revenues remaining flat at $1.48 billion for the year.
Numbers employed by the business last year increased by 511 from 5,339 to 5,850. The accounts show that the firm paid out a dividend of $1.05 billion during the year.
In May of this year, Boston Scientific announced the creation of more than 400 jobs at its Clonmel base after the company announced an €80m spend on the expansion of its manufacturing and Research and Development (R&D) capabilities at its Co Tipperary site.
Employees based at Boston Scientific's Clonmel site manufacture medical devices that support the treatment of more than 400,000 patients globally each year.
Products created there help patients suffering from conditions such as heart disease, neurological disorders, kidney stones, and diseases of the pancreas, bile ducts and esophagus.
In their report, the directors for Boston Scientific Ltd state that they are satisfied with the performance of the company against its key performance indicators.
The firm's profits increased after its own cost of sales declined during the year by $30m from $1.391 billion to $1.361 billion.
On the group's going concern status, the directors state that the business "has generated a significant net profit in the current year and is in a strong positive net asset position at the end of the financial period".
The business increased its profits last year despite its Research and Development (R&D) spend increasing from $72.18m to $87.94m. The business's profits also take account of non-cash depreciation costs of $42.68m.
Boston Scientific began operating in Ireland in 1994. The company now employs more than 6,500 people across its sites in Galway, Cork and Clonmel.
Boston Scientific Ltd's workforce is made up of 3,328 production operatives and 2,522 in administration and management roles.
The group's staff costs last year increased slightly from $421.89m to $422.52m.
Pay to directors last year declined from $1.04m to $971,000 - and included emoluments of $749,000, $161,000 paid out under long term incentive schemes and $60,000 in aggregate gains in terms of share options.
Its operating profits last year increased by 41% to $95.7m and the business benefited from interest income of $5.8m resulting in the pre-tax profit of $101.5m.
The dividend pay-out offset by post tax profits of $88.05m resulted in shareholder funds reducing from $2.02 billion to $1.07 billion last year that included accumulated profits of $533m.
Reporting by Gordon Deegan
