Novell Ireland Software loss of $11.4m

 

NOVELL IRELAND Software Ltd, head of Novell operations in Europe and the Middle East, recorded a pretax loss of $11.4 million (€8 million) in the year to the end of October 2010, according to accounts filed recently.

The Dublin company employed an average of 146 people during the year, compared with 150 the previous year.

It had a turnover in the most recent financial year of $286.6 million, down from $296.4 million the previous year. The loss the previous year was $11.7 million.

The company’s turnover came from software licences ($41.8 million) and maintenance and services ($244.8 million). The accounts said the overall revenue decline reflected the impact of the global downturn. There was a significant impairment of the value of financial assets during the year.

The notes to the accounts say the excess of the company’s liabilities over its assets arose primarily from the impairment of the value of shares in group companies. “The company is otherwise trading profitably and has significant taxable profits and was cash generative in 2010.”

Staff costs during the year were €12.6 million, down from €13 million the previous year.

The company in turn owns Novell companies in the Netherlands, Germany, and the Czech Republic. Its ultimate parent is the Attachment Group, a Houston-based group.