Software firm sees turnover rise by 31%

QUMAS, the Cork-based software firm, reduced its pre-tax losses significantly last year, as turnover increased 31%.

The company saw pre-tax losses fall from almost $9m (€6.1m) in 2007 to $659,000 last year.

“The results for the year reflect an increase in group turnover during the year and a reduced cost base reflecting lower employee head count and overheads,” accounts just filed read.

The company, which manufactures and sells software equipment, reduced staff numbers by 35% last year to 68.

“The directors have reshaped the group’s operating models in its sales function, services function and overheads structures which has placed the group in a position to develop the business in the US and European markets, strengthen the underlying trading performance, cash flows and financial position of the group.

“The directors are pleased with the progress to date of these initiatives,” the directors said in the filed accounts.

The directors plan to continue to develop its range of products and services for regulated industries and compliance markets.

The accounts note that the group has a large concentration of blue chip pharmaceutical and financial services clients, thereby minimising credit risk.

Qumas has its global headquarters on the Monahan Road in Cork. They also have offices in Dublin and New Jersey. They develop systems to help financial and pharmaceutical companies to comply with their legal and regulatory requirements.

The founder of the company is Paul Hands and its chief executive is Kevin O’Leary. Qumas is a variation on the Irish word “cumas” which means the power or ability to get things done.

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