Elsevier's Irish unit increases profits to €19.6m in 2005

Shannon-based company Elsevier Ireland recorded a 9 per cent increase in pre-tax profits in 2005 to €19.6 million, according to accounts recently filed with the Companies Office.

The publisher, which has been based in the Shannon Free Zone for 30 years, saw profits grow despite a fall in turnover - to €33.9 million from €35 million in 2004. Costs fell significantly, with net expenses down to €7.6 million from €11 million in 2004.

The accounts also show that the company paid out a dividend of €20 million in 2005, following a dividend of €21.9 million in 2004.

The principal activity of the company is the publication and issue of bio-medical and clinical journals and, according to the accounts, the directors were "pleased with the level of business and the year-end financial position".

As the world's leading publisher of science and health information, the Dutch-owned multi-national serves more than 30 million scientists, students, and health and information professionals worldwide.

The directors' report states: "The present level of activity is expected to be sustained for the foreseeable future."

Wages and salaries to its 146 Irish employees came to €4.7 million - an increase of €0.9 million on the €3.8 million paid out in 2004. The company's two directors, one of whom is based in the Netherlands, received remuneration of €127,000 in 2005.

The vast majority of the company's business is carried out in continental Europe, which accounts for €27.9 million of turnover.

The plant is the second-largest production unit in the group, producing 423 journals, generating 643,000 pages and operating a customer support service answering 4,000 queries a week.

Elsevier's 7,000 employees in 71 offices worldwide publish more than 2,000 journals and 2,200 books annually.