Revenues top $4bn and profits up 28pc at Irish unit of Analog Devices
THE IRISH unit of US technology firm Analog Devices, which supplies technology for Apple's iPhone and Apple Watch, last year saw pre-tax profits grow by 28pc to $346.9m (€316.3m).
Accounts filed by Analog Devices International (ADI) show its revenues increased by 6.44pc to $4bn in the 12 months to November 3. Operating profits increased by 6pc to $203.9m, and ADI reported paying $15.24m in corporation tax.
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Analog employs 1,232 at its main hub in Limerick and its design facility in Cork.
The new accounts are the first filed by ADI since it was established in 2012, having previously filed auditors' reports to the Companies Office.
The chief factor cited behind the jump in pre-tax profits was $140m in dividends received.
The directors' report said: "We enter the financial year 2019 better positioned than ever to grow profitably and gain market share over the long term."
The profits take account of R&D costs of $372.6m and combined non-cash depreciation and amortisation costs of $77m. Staff costs rose by 5.6pc to $151m.
Last year, directors and other senior employees shared remuneration of $6.45m, sharply down on the $16.59m paid in 2017.
The accounts also confirm that Analog is challenging a Revenue assessment that it owes €43m ($52m) for failure to conform to OECD Transfer Pricing Guidelines during the 2013 tax year.
The company states it and its parent, Analog Devices Inc, intend to vigorously defend the company's position in an application with the Irish Tax Appeals Commission.
During the year, as part of global restructuring, ADI acquired intellectual property worth $20.7bn.
Some 585 staff are employed in manufacturing, 450 in engineering, 149 in marketing and 48 in administration.