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.
Qumas chief executive Kevin O’Leary said the company is in a position to continue to invest in research and development.
“At a time when many of our competitors, and indeed many solution vendors, are constrained by the global economic downturn, the stability of our company will serve to confirm to existing and new clients that Qumas is the partner of choice in these difficult times,” he said.
The company is planning its worldwide user conference, Connect 2009, which will take place in Florida next month.
Accounts just filed with the Companies Registration Office show 105 people were employed at the firm at the end of 2007, down from 142 in 2006.
The company said this figure dropped slightly at the end of 2008.
The directors implemented a change management programme during 2007 and 2008 to reshape the group’s operating models in its sales function, services function and overheads structure which has positively impacted on the group’s trading performance in 2008, according to the accounts.