Norkom group’s profits stall at €1.6m

PROFITS at Norkom Technologies, a developer of software for banks to detect financial crime, were static at €1.6 million in the year to end March 2005.

According to newly-filed accounts for the company, which counts Denis O’Brien and Independent News & Media’s Gavin O’Reilly among its directors, turnover was up over the year by 24%.

Turnover for the 12-month period was €12.1m, including sales of €1.14m from acquisitions. In late 2004 Norkom bought Dutch firm Data4S for around €5.6m. The company said in its latest accounts that the takeover “joined two of the strong performing companies in the risk management and compliance software” sector.