Qumas rebounds with pre-tax profits of €1.1m

QUMAS, the Cork-based software firm, bounced back into the black last year with pre-tax profits of $1.6m (€1.1m).

This is a turnaround from losses of $659,000 in the previous year.

Turnover however fell from almost $16m in 2008 to $15.5m last year.

The group’s principal activity during the year was the development, manufacture and sale of computer software and related services.

According to accounts filed for the year to the end of December 2009, the directors said the results reflect a decrease in group turnover during the year and a reduced cost base.

“The directors have continued to reshape 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 accounts read.

“The group continues to undertake research and development to develop software products which enhance the solutions available to customers,” the accounts read.

Staff costs in the year fell from almost $10m to $8.7m but staff numbers remained the same at 68.

Directors remuneration in the year was up from $838,000 to $883,000.

The company was founded in Cork in 1994 and its managing director is CIT graduate and Ballyvolane native, Kevin O’Leary.

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