Profits down at Seagate Technology

Posted on 12 Aug 2017 and read 435 times
Profits down at Seagate TechnologyDerry-based electronics manufacturer Seagate Technology has seen its pre-tax profits fall by 35% over the past year.

The company, which employs more than 1,400 people in the city, has seen its sales in Ireland fall by 15% from £160 million to £135 million, primarily due to reduced customer demand.

Seagate provides data storage solutions for companies across the world, including read-write heads for hard disk drives.

In the strategic report with the company accounts, the directors said the fall in turnover was “primarily due to customer demand, resulting in lower internal build schedules and impacting operating profit. One-off redundancy expenditure further impacted operating margins, which decreased by 38%.”

Staff numbers increased by 1% from 1,395 to 1,404 during 2016, but the company said last year that it intended to cut its workforce by 14% by the end of 2017. 70 people at the Derry plant were made redundant earlier this year.

Seagate, which is registered in the Cayman Islands, said that during 2016 the company “continued to invest in its manufacturing capability of thin-film recording head wafers, employing the very latest product and process technologies.

“The directors believes there are no material uncertainties that cast significant doubt about the company’s ability to continue as a going concern, and the financial statements have been prepared on this basis.”

Be seen in all the right places!

Steelfab 2018 Expo Manufactura 2018 Southern Manufacturing 2018 WIN Eurasia 2018 MACH 2018 Intermach / MTA 2018 Indusmach Africa 2018 (Kenya) Metaltech 2018 MTA Vietnam 2018 MTA Hanoi 2018 Indusmach Africa 2018 (Tanzania) India Export News