| Norkom posts half-year list to 31pc to €2.1m | | Print | |
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Only five months after listing on the AIM and IEX markets, Norkom has reported that earnings for the six months were up by 31pc or €2.1m.
The company develops software which allows banks to analyse customer information to identify activities such as fraud or money laundering.
Speaking yesterday, Paul Kerley, the Norkom chief executive, said he was actively looking out for acquisitions, with the most likely targets being in North America. “We are not going to do anything to affect our organic growth, the key thing, which is very good at the moment”.
“We have a business model which allows us to pull executives from other technology companies and slot them in easily,” he said. “I’d like to do an acquisition in the next 12 months, but if I don’t, I won’t be too upset about it.”
“Our greatest bias is to get scale in North America. We are good at competing but the thing is to get into the competitive markets.” Norkom’s revenues grew over the six-month period by 41pc to €11.5 million.
According to Paul Kerley, Norkom’s focus has moved from being a transactions- based firm to being an account-based company with the aim of developing long-term relationships with customers. New businesses added during the period included Credit Agricole and Western Union.
These helped to increase licence revenue during the period by 77pc. Mr. Kerley said the company hoped to benefit from the need by banks to tackle increasingly sophisticated financial crime.
“The nature of the financial crime has changed. They used to steal €100,000 from you, now they steal €1,000 from you a thousand times.” Norkom’s shares, which were issued at €1.24in June, closed at €1.73 yesterday.
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