Symantec’s pre-tax profits fall 6% despite revenues climbing to €1.49bn
According to accounts just filed by Symantec Ltd, the US-owned firm increased its revenues by 4% from €1.43bn to €1.49bn in the 12 months to the end of Mar 30.
The Dublin-based firm sustained the drop in profits after a higher cost of sales and higher administrative expenses.
The firm’s tax bill for last year totalled €1.3m.
The numbers employed by the unit last year increased from 692 to 824.
The revenues generated by the company represent 29.5% of Symantec’s €5bn ($6.73bn) global revenues last year.
Accumulated profits at the end of the Mar 30 totalled €140.5m — the firm’s cash increased from €61.3m to €111.6m.
The principal activity of the firm is to provide a broad range of content and network security software and appliance solutions to enterprise, individuals, and service providers.
The figures show that the firm’s gross profit last year decreased by 2% from €736m to €722m, with the directors’ report stating that the company’s gross margin was 48% in 2012 compared to 51% in 2011.
One of the chief factors behind the drop in pre-tax profits was cost of sales rising from €700.7m to €768.9m.
Administrative expenses rose from €134.5m to €147.1m. Distribution costs fell from €556.1m to €542.8m.
The firm’s operating profit decreased from €35.4m to €32.4m
The profits took account of €55m in combined non-cash depreciation and amortisation costs.
The figure show as a result of the increase in numbers employed, the company’s staff costs last year rose from €45.8m to €52.3m.
The figures show 506 employees are engaged in selling, marketing, and administration, with 318 engaged in development and support.
Directors’ remuneration increased from €503,000 to €535,000.
The company provides a broad range of content and network security software and the filings also relate to Symantec subsidiaries located in China, Ukraine, London, Dublin, and Shannon.
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