EXCEPTIONALLY good annual results this week from the Big Blue's (IBM) subsidiary in the Republic will help to raise spirits back at base in the United States.
Tight management during the past year at the little green offshoot, more correctly known as IBM Ireland, produced the best all round performance in the history of the company, according to IBM Ireland's managing director William Burgess.
Competitive pressures held back turnover, which rose only modestly to £68.4 million, but improved operational efficiencies and tight control of the cost base elevated pre tax plit a whopping 63 per cent to £8 million. Operating profits grew from £3.8 million to £6 million while profits after tax reached a record £5.7 million. A total of 50 new jobs were created during the year with a further 50 to be added this year. IBM Ireland employs 450 permanent and contract staff in the Republic. The American parent recently reported a 40 per cent profit contraction in its first quarter, partly due to the adverse effect of the strong dollar on foreign exchange earnings.
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