Pre-tax profits at Limerick-based Cook Medical EMEA business decline
![Pre-tax profits at Limerick-based Cook Medical EMEA business decline Pre-tax profits at Limerick-based Cook Medical EMEA business decline](/cms_media/module_img/7654/3827008_20_articlesmall_mj0106_20Bill_20Doherty3_1_.jpg)
The Limerick-based Cook Medical EMEA Group Ltd, which is a parent of all Cook entities in Europe, recorded a post-tax loss of €37.37m after incurring a tax charge of €80.9m.
They state that a group company has provided for a tax liability arising from an assessment from the Danish tax authorities. The assessment relates to the tax years 2005 through 2008.
The directors state that the group has a large customer base of hospitals and clinics in western Europe and exports to distributors in eastern Europe, the Middle East, and Africa as well as supplying products to the North and South American and Asia Pacific markets.
They state that the group continues to focus its efforts on realigning its organisational structure to better support customers, continues to invest in and modernise certain aspects of operations, namely in the area of information technology systems and quality, and is satisfied that the realignment and investment undertaken will ensure it is well-positioned for growth.
On the firm’s future developments, the directors state that management expects pressure on healthcare budgets to continue in 2023 onwards but are confident that the group is well positioned to grow.
They state that the group has ambitious but achievable business goals, with both the Vascular and MedSurg divisions expected to achieve sales growth.
They add that increased sales growth combined with continued monitoring of costs should allow the group to trade profitably for the foreseeable future.
The pre-tax profits last year take account of non-cash depreciation costs of €7.3m.
At the end of last December, shareholder funds at Cook Medical EMEA Group totalled €476.43m.
Cash funds at Cook Medical EMEA Group last year increased from €116.93m to €129.12m.
Numbers employed across Cook Medical EMEA last year increased from 2,174 to 2,243 as staff costs rose from €183.37m to €189.82m.
Directors’ remuneration last year increased from €548,894 to €564,816.