June 11, 2008 - Irish Examiner

Specialist software provider Norkom Technologies is aiming to grow it business organically - but hasn't ruled out further acquisitions.

The Dublin-based company has a strong international client base for its financial services sector-focused anti-fraud/money laundering software.

Yesterday, it reported strong results for its latest financial year up to the end of March. Group Revenue was up, year-on-year, by 64% to €41 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 59% to €7.2m and adjusted earnings per share were up by 43% to 7.69c.

Norkom had net assets at year end of €50.3m - up from €32.6m at the end of the previous year.

A strong contributor to growth was Digital Harbor - a US risk management software provident Norkom bought for €26.6m last summer. Revenue grew 111% in the US last year. In its first full year, Norkom's Asia-Pacific operations had revenue of €4.5m.

It was a tough year for financial services, with sub-prime lending fall-out, the credit crunch and high-profile banking failures.

"These events served to solidify and focus our clients and prospects senior management teams to invest in and deliver on their risk management agendas," said Norkom chief executive Paul Kerley.

<< Back To Media Coverage