This article is from page 21 of the 2006-11-28 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 21 JPG
SHANNON-based company Avocent International last year recorded a 20 per cent increase in profits according to its latest returns to the Companies Office.
According to the accounts, the US-owned company recorded an increase in profits from $29 million in 2004 to $35 million in 2005.
This is based on a turnover of $150 million, compared to $139 million in 2004 – an increase of 8.3 per cent.
Last year, the company paid a dividend of $92 million from accumulated profits with the dividend now leaving retained profits at $29 million.
The company stated that a further dividend of $4.9 million for 2005, “will be paid in September 2006”.
The company occupies the flagship Shannon Free Zone property formerly occupied by Tellabs.
The accounts show that a total of 210 Avocent employees were paid $13.16 million in wages in 2005. Eighty 80 are employed in sales, 55 in manufacturing, 36 to general and administration and 39 in research and development (R&D).
The accounts show that $19 million was spent on R&D – an increase of $5 million on the 2004 figure.
According to a statement with the company accounts, “the group’s performance during the year was very strong compared to the previous year.
“The group is principally engaged in the manufacture, distribution, sales and marketing and research and development of IT Solution products for the European, Middle/East, African and Asian markets.
“In 2005, the group continued to focus on research and development and to this end, it centralised the European R&D function in Shannon. The group’s function continues to concentrate on high growth opportunities, continually investing in product enhancement and improving manufacturing efficiencies.
According to Senior Vice-President Avocent Corporation and Managing Director of Avocent International, Kieran McSweeney, “Our reported revenue and profits for 2005 reflect the continuing success of our international business out of Shannon, which we are very pleased with. Avocent International employs 160 people in R&D, finance, HR, customer care, technical support, supply chain and sales and marketing functions.