Business World

Friday 24 November 2017

McAfee profits increase to €25m

Gordon Deegan

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

Accounts just filed with the Companies Office show that Cork-based McAfee Ireland's revenues rose from €393.45m to €419.86m in the 12 months to the end of December last year.

McAfee has its headquarters for its operations in Europe, the Middle East and Africa (EMEA) in Cork and numbers employed there rose from 332 to 338.

In February 2011, Intel agreed to buy McAfee's global operation for $7.68bn (€5.6bn) in cash in an effort to boost its security offerings.

McAfee Ireland's directors state that the firm's gross margin decreased from 37pc to 35pc through 2014.

Profits were also boosted by the firm recording gains of €3.49m on foreign exchange movements. The directors reveal that in a shake-up of the structure of the firm, the company's parent, McAfee European Holdings 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 spend on R&D last year totalled €9.97m compared to €9.67m in 2013.

Irish Independent

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