Profits at McAfee’s Irish arm rise 7% to €25m

Pre-tax profits at the main Irish unit of US security software developer McAfee increased last year by 7% to €25m.

In accounts filed with the Companies Office, the Cork-based McAfee Ireland Ltd reported that revenues also rose 7% to €419.86m in 2014.

The accounts show that McAfee, which has its head office for its Europe, Middle East and Africa operations in Cork, increased its payroll numbers last year to 338 people from 332 a year earlier.

Some 122 people are involved in sales and marketing, 112 staff work in technical support and 104 people are in administration.

Staff costs increased last year to €26.4m from €24.2m, while remuneration for the company directors, Timothy Daly, Paul Walsh, Edward Hayden and Jonathan Park, fell last year to €728,951 from €1.055m.

In February 2011, Intel bought McAfee’s global operation for $7.68bn (€5.6bn) in a cash deal.

The directors say, however, that the firm’s gross margin fell in 2014 to 35% from a margin of 37%. The firm also posted a gain of €3.49m on foreign-exchange movements.

The directors reveal the company’s parent, McAfee European Holdings Ltd, transferred its holding in the company to a fellow group company, Intel Shannon Ltd.

The note states: “Subsequently, the company transferred certain employees and transferred all of its tangible fixed assets to Intel Shannon Ltd.”

The firm’s spend on research and development in the year totalled €9.97m, up from €9.67m in 2013.


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