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April 28, 1994

IBM IRELAND CELEBRATES ABILITY TO MAKE ANY PROFIT AT ALL IN VERY TOUGH YEAR

By CBR Staff Writer

IBM Corp’s Irish unit IBM Ireland Group has finally reported 1993 figures, showing after-tax profits equivalent to $2.3m, down from $6.5m last year, Reuter reports from Dublin. The figures were after $5.8m restructuring charge, which included early retirements payments and property relocation. The company recorded a group revenue of $100.0m, down 5.8%. Managing director William Burgess said 1993 was a very difficult year for the computer industry, and he was pleased the group achieved such a solid performance. Our strong performance allowed us to take the restructuring action necessary to reduce greatly our expense to revenue ratio in 1993 and still record a significant net profit, Burgess said. Business at the international software development laboratory rose 8.3% to $22.6m, and IBM’s international sourcing programme, claimed to support 900 jobs in Irish companies, saw record purchases from Irish companies of $108m, up from $87m.

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