This article is from page 85 of the 2009-01-27 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 85 JPG
SHANNON-BASED Mentor Graph- ics (Ireland) Ltd reported a sharp in- crease in operating profits last year to €3.4 million.
Accounts lodged with the compa- nies office, show that the company increased operating profits from €33,000 in 2007 to €3.4 million.
The software manufacturer that deals in electronic design automa- tion (EDA) for electrical engineering and electronics had a 2% increase in turnover from €381 million in 2007 to €390 million in 2008.
The company and its subsidiaries based in Poland, Hungary, the Unit- ed Kingdom, Sweden and Pakistan are engaged in the research, develop- ment and manufacture of software and the distribution of its software in Europe, Africa, the Middle East and the Asia-Pacific area.
The company is headquartered in Oregon in the US and employs 4,000 worldwide. Mentor Graphic’s Shan- non site is the International Services and Distribution centre for Informa- tion Technology, order fulfillment, finance, purchasing, facilities, con- sulting, customer support, legal and human resources for the European, Middle Eastern and Asian business.
The company enjoyed a 32% in- crease in gross profit, increasing from €67 million to €89 million.
A directors’ report attached to the accounts, state that it is their inten- tion to continue to develop the cur- rent activities of the company.
However, the 2008 figures show a pre-tax loss of €4 million after an exceptional item costed at €13 mil- lion were charged to the accounts.
A note attached to the accounts in- dicates that the €13 million impair- ment charge arose on the permanent diminuation in the value of part of the company’s investment in a sub- sidiary undertaking, Volcano Com- munications Technology AB.
At the end of January 2008, the company employed 352 people with 193 engaged in R&D, 77 in Admin- istration, Sales and Marketing in 55 and 27 in Management.
Staff costs increased in 2008 from €32.7 million to €35.9 million while the company had shareholder funds of €9.3 million at the end of Janu- ary 2008.
Directors’ salaries were €329,000; pension contributions of €80,000 and other emoluments of €33,000.