This article is from page 80 of the 2010-02-02 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 80 JPG
A SHANNON holding company for US-owned, Mentor Graphics (Hold- ings) Ltd last year sustained a 64 per cent drop in pre-tax profits to $22.6 million.
Accounts just lodged with the Companies’ Office, show that the holding company’s turnover to the end of January last dropped from $455.9million to $363.7million.
The company is headquartered in Oregon and employs 4,450 world- wide and is engaged in electronic
design automation.
The Shannon operation is the in- ternational services and distribution centre for information technology, order fulfillment, finance, purchas- ing, facilities, consulting, customer support, legal and human resources for the European, Middle Eastern and Asian business.
The accounts for Mentor Graphics (Holding) Ltd – which is the holding company for the group’s operations in Europe, Middle East and Af- rica and Asia/Pacific region – show that operating profits dropped from
$55.7million to $22.6 million.
A directors’ report attached to the accounts state that they are satisfied with the performance and that the group intends to further develop its activities over the coming year.
The company had accumulated profits of $58.5 million at the end of January. Cost of sales dropped from $100 million to $35million, while operating expenses increased marginally from $299.9 million to OSLUR Row rttletone
The company’s largest operating expenses in 2008 was ‘research and
development’ where $136 million was spent. This represented a drop of $19 million on the R&D spend in 2008.
The company employs 2,030 people with 1,215 engaged in production/re- search and development, 369 in sales and marketing, 343 in administration and 103 in management. Staff num- bers increased in 2008 from $144 million to $154 million. The com- pany paid no dividend to the end of January in 2008.