| Norkom set to expand as profits rise | | Print | |
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Norkom Technologies, the Dublin-headquartered provider of anti-fraud and money laundering software to the financial services sector, is hopeful of expanding through acquisition, probably in North America over the next 12 months.
The company’s management said yesterday that any acquisition would probably be $5 (€3.8m) and $15 million. Norkom yesterday published its first set of financial results – for the six months to the end of September – since floating on London’s Alternative Investment Market (AIM) and Dublin’s IEX market, during the summer.
These showed a year-on-year rise in revenue of 41% to €11.5 million, basic earnings per share rising by 22% to 2.18c and EBITDA (earnings before interest, tax, depreciation and amortisation) profit up by 31% to €2.1m.
Norkom also increased its research and development (R&D) investment by 50% over the period and its sales and marketing spend by 65% as it went about expanding geographically.
Norkom currently conducts 98% of its business outside Ireland. Some 50% of its business is conducted in mainland Europe, with 35% based in North America and 15% in the Asia-Pacific market, where it recently opened an office in Sydney.
“We’ve had a successful six months and believe we’re well positioned to meet the evolving customer needs in financial crime prevention and we look forward to the rest of the year with confidence,” said Norkom chief executive Paul Kerley, yesterday.
Norkom’s products help banks and financial services companies to better protect themselves against financial crimes, such as money laundering, theft and fraud. The average cost for a company to become compliant in this area can range from anything between $20m and hundreds of millions of dollars.
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