July 12, 2008 - Irish Independent

Dublin-based financial crime and compliance software provider Norkom told shareholders at its annual general meeting yesterday that it continues to be pleased with the group's performance.

It said that with good visibility of potential revenues for the year ending March 31, 2009, the company is confident, assuming constant currency, of another year of strong organic growth in 2009.

Shane Reihill, chairman of Norkom said the year was another successful one for Norkom Technologies. "This is a result of a strong market presence across all geographies with our AsiaPAC region putting in an outstanding performance in its first year of trading," he said.

Last month, Norkom posted a 64pc rise in revenue to €41m in the year to the end of March 2008, as it cemented a US acquisition and secured additional clients for its financial crime detection and compliance solutions.

Goodbody Research analyst Gerry Hennigan said the business is very solid and doing very well. "If anything, recent events place greater onus on banks to invest in risk initiatives. That can only benefit companies serving the risk and compliance software markets such as Norkom," he said.

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