Norkom, which specialises in financial crime and compliance software, has reported pre-tax profits of €4.9m for the year to March 31, up from €4.4m in the previous year.
Revenue grew by 64% to €41m, helped by the acquisition of US company Digital Harbor in July last year. Adjusted earnings per share rose by 43% to 7.69 cent.
Norkom said Digital Harbor had moved into profit into 2008. As a result, Norkom's North American sales more than doubled, including new deals with Washington Mutual and American Express.
Norkom CEO Paul Kerley said the 'tumultuous' year endured by the financial services sector as a result of the sub-prime crisis and credit crunch had helped Norkom, as it had prompted firms to invest in managing risk. The company gained 32 new customers during the year.
Norkom said, however, that the weak dollar had knocked €1.6m off the value of sales and €600,000 off operating profits. The company increased its investment in sales and marketing by 48% to €8m and doubled spending on research to €6.9m.
Norkom shares surged 10% to close at €1.65 in Dublin this evening - up 15 cent.
