That is according to new accounts for AccuScience Ireland Ltd, which show that pre-tax profits increased by 27pc to €2.11m in 2023.
In May 2022, UK-based Diploma PLC acquired AccuScience Ireland for €59.9m.
New accounts show that revenues totalled €34.47m for the 12 months to the end of September 2023.
Prior to the sale, the ultimate controlling party of AccuScience was Declan Devine.
In the first full financial year post purchase, AccuScience Ireland continued to grow as revenues increased on a pro-rata basis.
The revenues for fiscal year 2023 of €34.47m compare to revenues of €40.86m for the prior 15-month period.
The directors state that they are “satisfied with the performance since the change of ownership”.
The Naas medical and laboratory equipment provider was one of the main Irish-based suppliers of equipment to the HSE during the Covid-19 pandemic.
Figures previously released by the HSE show that the market-leading life sciences and medtech distributor recorded HSE sales in 2020 of €48.4m for equipment as part of the HSE Covid-19 response.
On the current macro-economic environment, the directors state that “the company has been keeping a close watch on the ongoing tariff situation and the uncertainty of this is a concern for the company”.
They add: “The company has partners in the US and China who could potentially be impacted, and the company may also be impacted by any tariffs introduced by the EU on imports from the US.”
The products that the company imports are in the scientific and medtech space and these are categories of products which historically have attracted no or low duties, they said, so these may also apply to the tariff regime.
“Management continues to monitor the situation but expect the impact to the limited and manageable,” they said.
Numbers employed increased from 62 to 68 as staff costs in 2023 totalled €3.9m.
Staff costs included €75,000 compensation for loss of office.
Directors’ pay, including pension contributions, totalled €173,449. No dividend was paid out in 2023 and a dividend in 2022 of €16.2m was paid out by the company to former owner, Pharmed Holdings Ltd.
source