Medical Devices firm Nypro, which employs more than 450 people in Ireland, saw profits at its Irish subsidiary jump by 85 per cent in the year to the end of last August.

The company reported a pretax profit of €3.02 million compared with €1.63 million a year earlier.

The rise in profits occurred despite revenue falling by 36 per cent, from €98.2 million to €63.3 million but comes on the back of a sharp fall in research and development. R&D costs in the year to August 2015 came to just €644,592 compared with €2.3 million a year earlier.

Nypro, which operates facilities in Bray, Co Wicklow and Waterford City, has transformed itself in recent years from focusing on the electronics industry to moving towards the development and manufacture of complex high-growth inhalation and injectable drug delivery devices.

The group is ultimately owned by manufacturing services firm Jabil Circuit, which has its headquarters in Florida and is the third largest contract manufacturer in the world.

Nypro’s Irish unit had staff costs, which include wages and salaries, of €21.9 million, down from €22.7 million.