Profits at software firm rise fourfold

Profits at Cork-based software company Qumas almost quadrupled last year as the company’s pre-tax earnings grew from $114,000 (€89,000) to over $500,000.

The company provides regulatory compliance solutions to pharmaceutical, biotechnology and medical device companies.

The firm was founded in Cork in 1994.

Qumas software helps clients meet global regulatory requirements across the lifecycle of products, from development to manufacturing and corporate compliance.

Founder and CEO of Qumas, Corkman Kevin O’Leary, said the company has been growing rapidly in 2012.

“Growth in terms of people has accelerated, we have added 23 people this year.

“We have run out of room space in our current office,” the Cork Institute of Technology graduate said.

He said the increase in staff levels came as the company continued to pick up new clients for its software solutions in the US, Japan, and South Korea.

“The company is going very well and we continue to invest in our products. Growth is organic and there is sufficient growth in the area.

“For the moment we are just trying to digest our expansion, but it is in very good shape,” Mr O’Leary said.

In documents filed with the Companies Registration Office, the company reported pre-tax profits of $517,000 on turnover that had increased by nearly $1m to $15.2m.

According to accounts filed for the year to the end of Dec 2011, the directors said they have re-balanced the company’s structure.

“In 2011 the company’s revenues grew by 6% over the prior year.

“In addition, during the year the company re-balanced its overhead structure in favour of addition selling and distribution costs with a view for better positioning itself for growth.”

The number of employees at Qumas in 2011 grew from 66 to 70.

The firm’s wage bill rose from a total of $7.7m to $8.2m.

Directors’ remuneration in the year was down from a total of $662,000 to $407,000.

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