Profits fall 63% at Irish arm of Amdocs

Gordon Deegan

Pre-tax profits at the Irish arm of US software company Amdocs fell 63% last year to $16.39m (€14.15m).

However, newly-filed accounts for the Dublin-based Amdocs Software Systems show the company’s revenues increased 4% to $1.22bn.

The company attributed its profit fall to “the inclusion of the payment for group relief of $32m in administrative expenses”.

That payment formed part of its 2016 tax charge, the company said.

The company closed 2017 with a cashpile of just $5.4m, down from one of nearly $42m a year previously.

Shareholder funds stood at $35.5m. Numbers employed by the company last year increased from 74 to 104 with 67 in production and 37 in administration and support.

That increase resulted in staff costs rising sharply from €8.5m to €13.1m.

The profit last year takes account of combined non-cash depreciation and amortisation expenses of $7.2m.

The company’s lease costs increased from $372,000 to $421,000.

The company also made a foreign exchange gain last year of $11.58m and this followed a loss under the same heading of $3.7m in 2016.

The company’s cost of sales last year totalled $1.17bn compared to $1.10bn in 2016.

The higher cost of sales resulted in the company’s gross profit declining by 33% to $49.29m.

The business recorded a post-tax profit of $5m after paying tax of $10.9m.

At the end of December last, the company’s shareholder funds stood at $35.5m while the company’s.

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