Norkom, which specialises in financial crime and compliance software, has reported a slight increase in pre-tax profits for the year ending March 2009. Pre-tax profits rose to €4.905m from €4.879m the same time the previous year while revenues rose by 17% to €48m from €41m.
The company said that of particular significance was the strong revenue growth of 76% recorded by its Asian Pacific region during the year. Europe also recorded strong growth with revenues up 24% while revenues in North America rose by 12%.
However, revenues in Norkom's Irish and UK division declined by 10% to €8.1m due to the decline in sterling during the year.
During the year 16 new clients were added to the company's portfolio, including three of the world's largest banks. It also saw its first deal in the Middle East financial services market with a sale to Dubai Islamic Bank.
'Despite the current turmoil in the banking sector and the subsequent economic impact, the resilience of Norkom's business has shone through,' commented Norkom's CEO Paul Kerley.
'As we emerge from fiscal year 2009, we continue to generate profits and cash, and our company remains in a very healthy condition,' he added.
However, Mr Kerley said that recognising the continued stress within its client base, it will again approach the next 12 months with a conservative approach to organic investment to ensure its continued profitability.
'Based on Norkom's existing model of visibility, the company anticipates managing its business to deliver performance in line with single digit growth in fiscal 2010,' he added.
Norkom shares closed up 18 cent at €1.06 in Dublin.
