Fineos rebounds with profit over €500,000

SOFTWARE company Fineos saw a marked improvement in its financial performance last year turning a €5 million loss into a profit.

The company, which develops software for banks and other financial institutions, made a pre-tax profit of €508,591 in 2003, reversing its massive 2002 loss, its latest accounts showed yesterday.

The company has also seen revenue rise to €17.8 million, a 15% rise on the previous year, with increases in key areas such as initial sales and recurring revenues. Initial licence fees rose from €1.8m to €4.25m, while recurring revenue was up to €2.98m from €2.7m.