Revenues at the main Ireland-based unit of software firm Salesforce increased by 18 per cent to $6.12 billion (€5.86 billion) last year, according to new accounts.
Salesforce’s central trading company in the Republic, SFDC Ireland, returned to a pre-tax profit of $54.94 million (€52.66 million) on the back of a $936 million increase in revenues from $5.18 billion to $6.12 billion in the 12 months to the end of January this year.
The firm, which has its Irish headquarters at Salesforce Tower in Dublin’s docklands, is headed up by former Eir chief Carolan Lennon who was appointed to the board of SFDC Ireland in May 2023.
Revenues for SFDC Ltd account for 17.5 per cent of Salesforce’s global revenues of $34.9 billion for fiscal 2024.
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The directors for SFDC Ireland state revenues continued to rise due to increased performance in the Europe Middle East and Africa (EMEA) region along with Asia Pacific (APAC). The directors expect the business to continue to grow in fiscal 2025.
The company achieved its return to profit despite costs associated with a group-wide restructuring plan that included a reduction in its workforce by 10 per cent and select real estate exits and office space reductions.
The directors state that in January 2024 a further 1 per cent workforce reduction was announced impacting a number of global teams. The effect of both initiatives is reflected in the full year 2024 accounts.
The company recorded an operating profit of $5.33 million after recording an operating loss of $997.5 million in the prior year.
Net interest receivable of $49.7 million compared to interest costs of $5.66 million in the prior year resulted in the pre-tax profit of $54.94 million. The company recorded a post-tax loss of $53.55 million after incurring a $108.49 million corporation tax charge.
The new accounts show that employee numbers at SFDC reduced by 3 per cent or 101 from 2,918 to 2,817 during the year, comprising 1,760 in sales, 1,056 in administration and one in management.
Staff costs increased from $417.45 million to $425.53 million mainly made up of $323.35 million in wages and salaries and $36.3 million in share-based payments.
Pay to directors increased from $747,772 to $1.42 million, mainly made up of emoluments of $1.06 million and $315,384 in gains on exercise of share options.
At the end of last January, the company had shareholder funds of $22.54 billion. The profit takes account of non-cash amortisation costs of $1.5 billion along with $36.43 million in non-cash depreciation costs and a lease impairment expense of $44.99 million.
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