Norkom targets US in growth strategy

NORKOM Technologies has earmarked the US as its potential key region for future growth in the aftermath of seeing its pre-tax profits rise by over €2.5m and revenue jump by 3% in its last financial year.

The company provides international financial services firms with software to combat fraud and money laundering activities.

The Dublin-headquartered IT company has reported pre-tax profits of €7.45m for the 12 months to the end of March. This figure was up from the €4.8m generated in the previous year.

Full-year revenues amounted to €49.3m; up from €48m in the preceding year and adjusted earnings per share rose by 22% to 9.42c. EBITDA (earnings before interest, tax, depreciation and amortisation) was also up – 12% at €9.2m.

The company’s net cash balance – as of the end of March – amounted to €41.6m; a 51% improvement on the €27.5m balance at the same stage last year.

“Even in the midst of significant upheaval in our core markets, the strength of our business model and market standing – together with the demand drivers in our market – allowed us to deliver a strong performance for the period,” said Norkom’s chief executive Paul Kerley.

“While continuing to deliver growth with profits, careful management of costs and focused investments gave us the opportunity to enter new geographies, release new products and create additional infrastructure – all of which position the group well to take advantage of any upswing in demand in the coming periods,” he added.

Norkom has clients using its products in 100 countries around the world. Already with a strong presence in the US, the company said yesterday that there are early signs that that particular market will offer the company the opportunity to step up growth.

“Recent wins in the region and early stage initiatives with emerging solution partners have sharpened our competitive edge. We are now quietly confident we can grow our business, during this period, in preparation for stronger growth in the region,” Mr Kerley added.