Medtronic Irish arm posts 119% profit jump

Pre-tax profits at the main Irish subsidiary of one of the biggest employers in the State, US medical device manufacturer Medtronic, more than doubled last year to €328.9 million.

Accounts just filed by the company’s main Irish subsidiary, Medtronic Vascular Galway Ltd, show the firm reported a 119 per cent jump in pre-tax profit after increasing revenues by 43 per cent to €1.178 billion in the year to April 27th last.

Directors noted that “foreign currency movements had a favourable impact of €18 million on earnings compared to an unfavourable impact of €16 million in the prior period”.

The figures show the numbers employed at the Galway-based firm last year increased from 1,826 to 1,882.