Domain name company swings into the black

THE company that runs the Irish internet domain name registry swung into profit in 2003 from a €1.2 million loss the previous year.

The IE Domain Registry recorded an operating profit of €480,874 last year on turnover up from €1.5 million to just over €2m. The company did not disclose whether it made an after tax profit or loss.

The figures will be a boost for the company, which is in the process of being given to the communications regulator to operate after a difficult two years.

Chief executive David Curtin said yesterday that 2003 was encouraging for the company. He said the profit was the result of a 32% rise in revenue from internet name registrations and from rigorous cost-cutting.

“The outlook for 2004 and beyond is very positive with registered domains continuing to grow strongly year on year.”

He added that the company was cashflow positive since the start of 2004 and was trading profitably. He said this had a good impact on its balance sheet, which at the end of 2003 showed a deficiency of assets to the tune of nearly €1 million.

The company said new domain registration growth of 23% in 2003 had been maintained this year.