One of Hewlett-Packard Enterprise’s main Irish units paid a dividend of $25 million (€21.5 million) in June to another of the computing giant’s companies registered here after restructuring its balance sheet and cancelling part of its share capital in early 2025.
Accounts filed by Hewlett-Packard Galway (HPG), the entity behind the S&P 500-listed computing giant’s European research and development (R&D) hub in Ballybrit, also reveal that operating profits at the unit surged by almost 700 per cent last year amid an increase in R&D tax credits.
HPG, which employed some 374 people in the Republic last year, reported turnover of $68.9 million for the 12 months to the end of October last year, up by just under 4 per cent on the previous year.
Operating profits at the company swelled from $1.99 million in 2023 to $13.9 million last year.
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In a report attached to the accounts, HPG’s directors said the jump was “primarily attributable” to higher R&D tax credits in the year, which jumped from some $5.9 million in 2023 to more than $7 million in 2024.
They also cited more “favourable” foreign exchange rates and an increase in “cross-charged expenses”, which contributed to the higher turnover figure.
Before tax credits, the company had swung to an operating loss of $2.8 million in 2023 and had also repaid some $1.1 million in R&D tax credits to the State in the year, which affected the figures.
A separate note in the accounts details that HPG paid $24.99 million dividend to Hewlett-Packard Enterprise Ireland (HPEI) in June 2025, after its financial year-end date.
Earlier this year, HPG reduced its share capital by cancelling part of its share premium, amounting to $25 million as part of a balance sheet restructuring.
Approached for comment, a spokeswoman for Hewlett-Packard said the group does not comment on country-specific results and is in its “quiet period” ahead of the publication of its third quarter results next month.
HPEI is registered at the group’s facility in Leixlip, Co Kildare, which hosts its European financial services headquarters.
Separate accounts filed by HPEI recently reveal that turnover at the company dipped from more than €88 million in 2023 to €86.6 million in the 12 months to October last.
Operating profits at the company, which reduced its employee headcount by just over 9 per cent in the year to 138, were up slightly to just over €1.25 million.
The company incurred restructuring charges of more than €608,000 in the year, related to the “cost of workforce reduction”, according to the accounts.
