Novell returns to 12-month reporting

Pre-tax profits at the Irish arm of software firm Novell Software almost tripled to $93m (€68.9m) last year.

Accounts just filed with the Companies Office show the firm recorded the increase after revenues more than doubled, from €122.4m to €273.5m, in the 12 months to the end of March 31.

The chief factor behind the increase in profit and revenues was the firm’s financial period last year covering a 12-month term, with the prior accounting period having covered only five months.

The figures show the firm’s profits were boosted by an exceptional gain of $12.95m from the profit of sale of fixed assets.

The report stated: “Turnover has decreased versus prior period when annualised; this is primarily due to the current global economic climate. There are no significant increase in forecast revenues for 2014.

“Cost of sales and distribution costs have decreased in line with the decrease in turnover once annualised.

The firm’s cost of sales last year rose from €73.6m to €163.3m, with administrative expenses up from €11.94m to €20.16m.

The company acts as the principal for the Novell group operations in the Europe Middle East, and Africa territories.

The firm develops, sells, and installs enterprise quality software positioned in the operating systems and infrastructure software layers of the IT industry.

The figures show that operating profits at the firm last year rose by 146% from €32.53m to €80m.

The firm employs 97 people at its Dublin base. It paid $50m in dividends during the year.

The firm has current assets totalling $421.3m that included $44.2m in cash, with current liabilities of €213.9m, and, in the report, the directors state they are satisfied the company does not face any liquidity issues due to the high level of cash reserves and the strong net current asset position.

Directors’ remuneration last year rose from $97,228 to $190,757. The firm’s non-cash depreciation and amortisation charges totalling $171,198.