US bidder won’t rule out new Smurfit Kappa approach after €3.4bn drop in value

PRE-TAX profits earned by the producer of Calpol, Benylin and Listerine increased by 3pc to €5.3 million in 2017.

That is according to new accounts filed by Johnson & Johnson (Ireland) Ltd which show that the business enjoyed the increase in profits in the Irish market after its revenues climbed by 2pc to over €100.7m in 2017.

The medical device sector of the business performed the strongest during the year with revenues increasing by 5pc from €60.3m to €63.57m.

The company’s sale of consumer health products reduced marginally from €32.1m to €31.9m while agency commission income also reduced - from €6.22m to €5.19m.

On the firm’s medical device business, the directors stated that the year saw better-than -anticipated growth in the public healthcare system with positive performance, despite the ongoing challenges from extended waiting lists and procedural numbers.

On the consumer product business, the directors state that “2017 proved overall to be a stable year”.

They stated: “The continued strategy of prioritising the investment and execution of the Over the Counter (OTC) and Beauty portfolio delivered against plan.” They added that strong integrated marketing communication with engaging commercial innovation attributed to growth across Benylin and Calpol.

Staff numbers at the firm in 2017 decreased from 98 to 93 as wage costs dipped marginally to €6.43m. Directors’ remuneration also contracted - from €778,000 to €765,000. Shareholder funds totalled €49.68m.