Financial software group Norkom has reported a strong increase in profits for the year to the end of March.
Norkom said pre-tax profits were just under €7.5m, compared with €4.9m a year earlier, as revenue rose by 3% to €49.3m and costs were cut by 1%. Norkom said it added 16 new customers during the year, including five as a result of an expansion into the Middle East. The Asia-Pacific region performed particularly strongly, with revenue up 14%.
The company said increased levels of financial regulation across the world had increased demand for its technology, which is mainly used by banks.
The company's profit margin moved up two points to 63%, while adjusted earnings per share climbed by 22% to 9.42 cent.
CEO Paul Kerley said Norkom believed it had come through the bottom of the crisis in its core markets.
Norkom shares closed 6.7% lower at €1.40 in Dublin this evening.
