Business Irish

Wednesday 21 March 2018

Profits surge at Adobe Irish unit

Adobe Systems headquarters in San Jose, California. Photo: Getty Images
Adobe Systems headquarters in San Jose, California. Photo: Getty Images

Gordon Deegan

Pre-tax profits at the main Irish unit of US software giant Adobe last year increased by 36pc to $60.58m (€51.32m).

Revenues at the firm increased 19pc to $2.33bn from $1.95bn in the 53 weeks to the end of December 2 last.

The company - with an address at Citywest, Dublin - is the intermediate holding company for Adobe's subsidiaries based in Europe, Africa and the Asia Pacific regions and they serve the company's markets outside North America.

The revenues generated by Adobe's Irish unit represent 40pc of the company's worldwide revenues of $5.85bn last year.

The Irish based company - which also operates two branches in Singapore and Dubai - paid corporation taxes totalling $41m in 2016. This compares to $28.9m in tax in 2015. The company recorded post-tax profits of $18.72m last year.

The directors stated that they are satisfied with the results for the company for the period.

Numbers employed by the company last year increased from 119 to 132, with staff costs going down from $12.35m to $12.12m.

The company last year increased its pre-tax profits as a result of interest charges declining from $105.86m to $26m.

At the end of December 2 last, the company had shareholders' funds of $300m that included accumulated profits of $229.47m.

The company cash pile increased to $292m.

Irish Independent

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