Revenues and profits up at Norkom

Strong US and Asia sales

By Deirdre McArdle, ElectricNews.net • Get more from this author

Posted in Financial News, 14th November 2007 10:17 GMT

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Dublin-based Norkom has posted a 53 per cent jump in revenue thanks to strong sales in the US and Asian markets.

The financial software developer saw its revenues jump to €17.6m for the six months ended 30 September, with EBITDA (earnings before interest, tax, depreciation and amortisation) increasing 50 per cent to €3.1m for the half-year.

Adjusted earnings per share reached €0.0335, up 54 per cent from the same period in 2006. Gross margins rose slightly from 65 per cent in 2006 to 66 per cent this year. The firm put its strong performance down to a good showing in the North American and Asian markets.

Norkom has had a busy six months. In July it acquired risk and compliance solutions provider Digital Harbour in a deal worth €26.7m. With that acquisition Norkom acquired 10 new clients, primarily from tier 1 of the US financial services sector.

In addition, Norkom recruited 19 new clients during the first six months of this year, including Washington Mutual, Union Bank of California, Permanent TSB, Westpac, Bendigo Bank and St George.

"In the past couple of years Norkom has invested heavily in building out its senior management capacity across all our markets in anticipation of the organic and acquisitive strategy that we would pursue. It is good to see those investments now paying off," said Norkom's chief executive officer, Paul Kerley.

"Such success is tangible evidence of our strategy at work as we consolidate our position as a global market leader and gain recognition as a provider of innovative enterprise-wide financial crime and compliance solutions dedicated to the financial services sector."

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