Thursday 26 April 2018

Profits triple at Symantec to reach €57.48m despite 8pc fall in revenue

Staff at one of Symantec’s security centres
Staff at one of Symantec’s security centres

Gordon Deegan

Pre-tax profits at the Irish arm of online security firm, Symantec more than tripled to €57.48m last year.

New figures show that Symantec Ltd enjoyed the sharp rise in pre-tax profits in spite of revenues decreasing by 8pc going from €1.32bn to €1.2bn in the 12 months to the end of March last.

Numbers employed at the firm's Irish operation last year decreased from 893 to 699 with staff costs going down from €73.7m to €63.6m. In a post balance sheet the company paid a dividend of €393m.

The drop in revenues arose from Symantec incurring a sharp drop in income from its discontinued operations going from €363m to €40m last year.

However, the directors point out that revenues for continuing operations increased by 22pc or €214m.

The directors state that the primary reason for the increase in turnover from continuing operations relates to royalty income earned by the company due to the acquisition of Blue Coat Inc intellectual property during the year.

The directors also state that the primary reason for the increase in pre-tax profits from continuing operations relate to €15m profit from royalty income due to the acquisition of Blue Coat.

Symantec purchased Blue Coat for $4.6bn in 2016.

It is now 28 years since Symantec established its base here and today it operates a Security Operations Centre at its Blanchardstown base.

Remu

neration for the firm's directors last year increased from €579,000 to €586,000.

Irish Independent

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