Oracle Corporation, the US software company which employs 800 people in Ireland, increased its net income by 61 per cent to $2.1 billion (€2.24 billion) in the year to May 31st, 2000. Revenue grew from $8.8 billion to $10.1 billion.

"One year ago Oracle set out to save $1 billion annually by using our own Internet e-business application. We did that, and more," said chief financial officer, Mr Jeff Henley. "A billion dollars in annual savings translates to a 10 point improvement in our margins."

Margins in the last quarter improved from 27.4 per cent to 41.1 per cent. The growth in revenue is to accelerate this year, according to the company.