This article is from page 70 of the 2006-11-07 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 70 JPG
ONE of Clare’s most successful locally owned companies recorded a doubling in profits last year, according to the latest accounts filed to the Companies Office.
The accounts show that the profit of Data Display in Ennistymon after tax was €1.1 million last year, compared to €540,000 in 2004. Turnover at the company increased from €14 million in 2004 to €18 million.
Managing Director, Kevin Neville told The Clare People : “2005 was a good year. We are doing very well and we are continuing to increase profit and turnover this year with very strong orders.
“It is not getting easier with rising costs and we invest 8 per cent to 10 per cent of turnover in research and development.”
The accounts show that the company spent €853,553 on R&D last year and in 2004 spent €781,510.
The principal activity of the group is the manufacture and sale of electronic display products. It is currently working on a prestigious contract to provide electronic signs for the subway system in New York city.
Data Display also has contracts for high profile public transport projects in Seattle and Denver.
The contract for the New York city subway has resulted in Data Display establishing a manufacturing plant in New York.
Mr Neville said, “In order to secure federal contracts in the US, the government has a ‘made in America’ policy where 60 per cent of all contracts must have the produce made in the US.
Mr Neville said that the Irish Government should consider a similar policy to provide support for indigenous Irish firms.
Data Display was first established in 1979 employing 13 people. Mr Neville confirmed that a total of 270 are employed at the company with 168 based in Ennistymon.
The company has subsidiaries in the UK, Sweden, Portugal and France. It is now wholly-owned by the Neville family who bought out the remaining shares owned by a third party last year.
The accounts show that the company now has accumulated profits of €4.2 million. An analysis of its turnover shows that the €4.6 million was generated in the US, €5.1 million in the UK, €5.6 million in other EU countries and €3.2 million in Ireland. The importance of Data Display to the north Clare economy is shown with the staff costs at €6.5 million – an increase of €130,000 on the 2004 wage bill.