Symantec pre-tax profits jump by 14%

Pre-tax profits at the main Irish arm of internet security firm Symantec last year increased by 14% to €37.2m.

This followed revenues increasing by €121.5m or 8% from €1.49bn to €1.61bn in the 12 months to the end of Mar 29 last.

The accounts just filed with the Companies Office show that the firm’s pre-tax profits increased from €32.65m to €37.24m.

The figures show that Symantec Ltd recorded a post-tax profit of €31.7m after paying €5.5m in corporation tax that included an Irish corporation tax charge of €4.9m.

The revenues recorded at the firm’s Irish unit accounted for 31.8% of the US-based corporation’s global revenues of $6.9bn in fiscal 2013.

Last July Symantec announced a further 400 jobs for its Irish base through establishing a new European Customer Management Centre at Blanchardstown, Dublin, creating up to 200 jobs in 2013, and a further 200 positions being created over the next two years.

The numbers employed at the firm in the 12 months to Mar 29 last year increased from 824 to 852 with staff costs increasing by 12% from €52.33m to €58.68m.

Gross profit increased by €38.95m to €761m or 5% with gross margin reasonably consistent year on year at 47% in 2013 and 48% in 2012.

The accounts show that remuneration for directors last year increased from €535,000 to €541,000 with the company’s directors listed as Aidan Flynn, Rachel Morgan, David O’Sullivan and Norman Osumi.

The figures show that the company’s workforce was last year made up of 500 in sales, marketing and administration with 352 in development and support.

The accounts show that the profit takes account of non-cash amortisation costs of €49.4m and non-cash depreciation costs of €3.8m.

Thecompany increased its operating profits by 17% from €32.4m to €37.78m. Net interest payments of €541,000 reduced the firm’s profits to €37.24m.

The firm had accumulated profits of €171.4m last year with shareholder funds totalling €176.4m.

The funds included cash decreasing from €111.6m to €90.3m.

The figures show that the firm’s cost of sales last year increased by 11% from €768.9m to €851.5m with distribution costs increasing from €542.8m to €566m.

The company’s administrative expenses increased from €147.1m to €157.5m.

Symantec was established in 1982 and at the end of Mar 29 employed more than 21,500 worldwide including 7,200 in R&D.