THE FIRM co-founded by businessman and former presidential candidate Seán Gallagher returned to profit last year after three years of losses.

New accounts lodged with the Companies Registration Office by Co Louth-based Smarthomes show the firm recorded a profit of €46,048 in 2011.

This followed three years of hefty losses amounting to €1.38 million between 2008 and 2010.

In July of last year, Mr Gallagher disposed of his shareholding in Smarthomes in line with his commitment to step aside from all commercial activity ahead of the 2011 presidential election. Current managing director Eamon Conway replaced Mr Gallagher at the firm in April 2010.

In a statement yesterday, Mr Conway said: “As projected, Smarthomes returned to profit in 2011. The focus of Smarthomes in the last number of years has been on extensive research and development work and the group is now focused on retrofit opportunities within the home energy management sector.”

Smarthomes employs 12 people, down from 53 at the start of 2008.