Norkom predicts 20% profit increase

NORKOM Technologies is confident of ongoing profit growth, despite current global economic conditions, and has forecast a 20% increase in profits for its current full year, which runs until the end of March.

The Dublin-based company, which provides anti-fraud/money laundering software solutions to financial institutions, yesterday reported a 37% year-on-year increase in first half revenue to €24.2 million. Earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 30% to €4m. Gross profit for the six months to the end of September amounted to €14.9m — up 29% on the same period last year.

The addition of 10 new clients, a partnership with IBM to deliver new financial crime and compliance software solutions and its first deal in the Middle East with a contract with Dubai Islamic Bank were the highlights during Norkom’s first half.