Software firm turnover up 31%

QUMAS, the Cork-based software firm, increased its turnover by 31% to $16 million (€12m) last year as it heads towards profitability in 2009.

The company expects to break even by the end of 2008 following pre-tax losses of almost $9m (€6.7m) in 2007.

The firm said the reason for such a dramatic turnaround in fortunes is due to increased recognition of its products in the marketplace and building on investments made over the past few years. Following losses over the past few years the company returned to profitability in the third quarter of 2008.