Profits double at Taoglas as sales hit $90 million

Irish tech company Taoglas’ revenue rose 38 percent last year to just over $90 million after it enjoyed a strong return to growth in the wake of the pandemic.

t posted pre-tax income of $5.6 million — double the 2020 figure.

The company sees itself as a leading provider of advanced technologies for intelligent applications. It develops products such as antenna and high-frequency components that can be used, for example, for high-precision positioning. They can be used in applications such as driverless vehicles and precision agriculture.

Taoglas was co-founded in 2004 by Ronan Quinlan and Dermot O’Shea, who are also joint managing directors of the company.

In newly filed accounts for the company, directors noted that the first half of 2020 was particularly affected by the pandemic.

“However, Taoglas experienced a strong return to growth in the second half of 2020, which continued into 2021,” they add.

“The pandemic has accelerated digital transformation everywhere countless industries and Taoglas has been at the forefront of this acceleration through the Advanced Components and Advanced Technologies businesses,” said the director.

Last year, Taoglas also acquired Australia-based Smartsensor Technologies, a company that iis an end-to-end Internet of Things provider of smart asset management products.

The Irish company said the acquisition took the group deeper into the smart city market.

Taoglas, by comparison, paid a $2.4 million dividend last year a dividend of $3.3 million in 2020, the latest accounts show.

R&D expenses of $10 million were incurred in 2021, up from $6.3 million in the previous year.

At the end of 2021, the group had $5.4 million in cash and cash equivalents on its books.

“Subsequent to year-end, the Group’s revolving credit facility was refinanced in June 2022, with the facility’s available level now being $50 million, an increase of $27.5 million from outstandings as of December 31, 2021 facilities taken,” the accounts read.

In 2020, Taoglas’ US subsidiary received a $923,000 loan under the US government paycheck protection program. Loans under the program were eligible for full forgiveness if certain criteria were met. The loan was forgiven in January last year.

https://www.independent.ie/business/profits-double-at-taoglas-as-revenue-hits-90m-42062388.html Profits double at Taoglas as sales hit $90 million

Fry Electronics Team

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