Celstica the electronics manufacturing company with almost 300 employees in Swords, Co Dublin, has announced record annual revenue figures. The company, based in Toronto, said revenue increased 62 per cent to $3.2 billion (€2.8 billion). Adjusted profits increased by 94 per cent to $45 million (€39 million), the company said, although unadjusted net earnings show a loss of $49 million due to the cost of acquisitions and amortization of intangible assets.

For the last three months of the year, revenue rose 35 per cent to $925. Adjusted net earnings were up 52 per cent to $19 million, but unadjusted earnings showed a net loss of $4 million, Celstica said.

"1998 was a year of outstanding achievements for Celestica. Eight acquisitions enhanced our service offerings, global manufacturing capabilities and our strategic customer relations," said Mr Eugene Polistuk, the company's president and chief executive.

Celestica recently announced a £26 million (€33 million) investment in its Irish facility. The move, which will expand electronics manufacturing services for European customers, is slated to generate 500 new jobs.