Sea­gate Tech­nol­ogy en­joys 41% surge in its an­nual rev­enues

Belfast Telegraph - Business Telegraph - - News - BY RYAN MCALEER

LON­DON­DERRY hard drives man­u­fac­turer Sea­gate has re­ported a 41% surge in turnover to £147m.

Sea­gate Tech­nol­ogy (Ire­land), which em­ploys 1,329 peo­ple, saw its turnover hit $186.9m (£147m) for the 12 months to June 29 2018, up from $132.9m (£104.6m) last year.

Pre-tax prof­its were also up by 30% to $15.4m (£12.1m), from $11.9m (£9.4m) in 2017. Sea­gate man­u­fac­tures hard disk drives and stor­age so­lu­tions.

The com­pany said the 41% surge in turnover was mainly due to in­crease de­mand for read-write heads for its hard disk drives. The new re­port states that dur­ing 2018, it con­tin­ued to in­vest in its man­u­fac­tur­ing ca­pa­bil­ity of thin film-record­ing head wafers, em­ploy­ing the very lat­est prod­uct and process tech­nolo­gies.

It states that: “The di­rec­tors be­lieve that the com­pany is well placed to man­age its busi­ness risks suc­cess­fully de­spite the cur­rent un­cer­tain eco­nomic out­look.”

Based in Lon­don­derry since 1993, Sea­gate Tech­nol­ogy’s work­force of 1,329 was slightly up on the 1,312 from 2017. Most work at the Spring­town In­dus­trial Es­tate.

Its new ac­counts show it spent $78.4m (£62m) in staff costs last year. Although domi­ciled in North­ern Ire­land, Sea­gate Tech­nol­ogy (Ire­land) is ac­tu­ally reg­is­tered in the Cay­man Is­lands and is a sub­sidiary of Sea­gate Tech­nol­ogy In­ter­na­tional. Its ul­ti­mate par­ent un­der­tak­ing is Sea­gate Tech­nol­ogy plc, which is in­cor­po­rated in the Repub­lic.

Sea­gate is now un­der new lead­er­ship. Its ex­ec­u­tive vice pres­i­dent and chief fi­nan­cial of­fi­cer David Mor­ton Jr re­signed from the com­pany at the start of Au­gust this year to take up a se­nior post at an­other firm.

Kathryn Scol­nick has been named as in­terim CFO while the com­pany searches for a suc­ces­sor. She is listed as the sole direc­tor of Sea­gate Tech­nol­ogy (Ire­land).

Last month Sea­gate plc posted its fi­nan­cial re­sults for the first quar­ter of the 2019 re­port­ing pe­riod, re­veal­ing rev­enues of $2.9bn (£2.3bn), up 14% on last year.

The com­pany said it had “achieved strong fi­nan­cial re­sults in rev­enue, prof­itabil­ity and cash flow, re­flect­ing solid ex­e­cu­tion and pos­i­tive de­mand for our prod­ucts across mul­ti­ple mar­kets”.

Sea­gate’s chief ex­ec­u­tive, Dave Mosley, said: “By de­liv­er­ing com­pet­i­tive cost-ef­fec­tive mass stor­age so­lu­tions, Sea­gate is a cru­cial sup­plier in sup­port­ing the data age dig­i­tal trans­for­ma­tions that are hap­pen­ing across the stor­age mar­ket­place.

“We be­lieve our deep stor­age in­dus­try ex­per­tise, lead­ing tech­nol­ogy port­fo­lio and fo­cused ex­e­cu­tion will con­tinue to drive long-term suc­cess.”

Sea­gate’s Lon­don­derry fa­cil­ity

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