Irish arm of Intel warns of ‘highly uncertain’ pandemic outlook

One of US technology giant Intel’s key Irish subsidiaries largely maintained its turnover and profit levels last year, but has raised concerns about the “highly uncertain” situation surrounding the Covid-19 pandemic going forward.

In its latest accounts filed with the companies office, Intel Research and Development Ireland said its profit amounted to $30.9 million (€27.3m), which was down slightly on the $31.6 million recorded the year before.

Turnover for the financial year, which ended on December 26th, 2020, was $157.1 million, which was also down slightly from $157.2 million in 2019. No dividends were proposed, declared or paid during the year.

Employee numbers at the group increased from 612 to 618. It said this led to an increase in wages and salaries expenditure from $56.4 million to almost $60 million.

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The group said there was a decrease in other operating expenses from $58 million to $49.3 million. This was primarily driven by a decrease in travel expenses due to the Covid-19 pandemic and IP licences due to business activities.

The group said it continues to “closely monitor” the potential impact of Covid-19 pandemic on its 2021 financial results.

“The degree to which Covid-19 pandemic impacts our results will depend on future developments, which are highly uncertain and cannot be predicted,” it said.

Disruption

These developments include “the duration and spread of the outbreak, its severity, the actions to contain the virus or treat its impact, other actions taken by governments, businesses, and individuals in response to the virus and resulting economic disruption”.

The group also said it would be important “how quickly and to what extent normal economic and operating conditions can resume”.

“The company is similarly unable to predict the degree to which the pandemic impacts Intel’s customers, suppliers, vendors, and other partners, and their financial conditions, but a material effect on these parties could also adversely affect the company,” it added.

The accounts were signed off on by the board on November 8th, 2021.