NEWLY-FILED accounts by Limerick-based eyecare products manufacturer Johnson & Johnson Vision Care Ireland UC show the business recorded revenues rising by €200m (19 per cent) from €1.04billion to €1.24bn to the start of January 2023.
This is comes despite a 15 per cent decrease in pre-tax profits to €457.97m in the same period.
Based at the National Technology Park in Castletroy, the firm is one of the largest private sector employers in the Mid West, with numbers employed at the firm increasing from 1,243 to 1,466 in 2022.
Underlining the firm’s contribution to the Mid West economy, Johnson and Johnson’s (J&J) Limerick-rooted staff costs in 2022 totalled €142m, including wages and salaries totting up to €111.99m.
Staffing costs increased sharply in 2022 from €99.8m in 2021.
At the end of 2022, 1,427 staff were engaged in manufacturing and production, with 39 working in administration.
J&J directors state that the increase in revenues in 2022 is due to the increase in the volume of lens produced due to increased post-Covid restrictions.
They state that “despite ongoing competitive challenges in the marketplace, the directors are satisfied that they will be able to manage the company’s activities to enable it to continue trading profitably into the future”.
The directors add that the drop in pre-tax profit is due to an increase in the cost of sales and the impact of an impairment writeback of €130m recorded in 2021 with the gain not re-occurring in 2022.
The business’ profits were boosted in 2022 by €31.5m in other finance income, which followed other finance expense of €39.5m in 2021.
The firm’s profit takes account of non-cash depreciation costs of €66.1m and research and development costs of €6.8m.
The company recorded post-tax profits of €392.27m after incurring a corporation tax charge of €66.7m.
Directors’ pay at J&J increased from €2.12m to €2.58m in 2022.
At the end of January 1, 2023, the firm had shareholder funds of €2.92bn that included accumulated profits of €2.76bn.
Accounts for a separate J&J Irish unit, the Cork-based DePuy Ireland UC, recorded a pre-tax loss of €21.96m in the 12 months to the end of January 1, 2023.
The company reduced its pre-tax losses in 2022 by 87 per cent as revenues increased by 26 per cent from €1.26bn to €1.59bn.
The company is engaged in the production and supply of orthopaedic medical devices, including artificial replacement hips and knee joints. Numbers employed at the Ringaskiddy-based firm increased from 1,031 to 1,106 in 2022 as staff costs increased from €102m to €112m.
