Cognotec moves towards profitability

Cognotec has been reducing its losses and increasing revenues in the past couple of years and it hopes to become profitable towards the end of 2003, according to its CEO Brian Maccaba. Irish company Cognotec is a provider of foreign exchange dealing and connectivity solutions.

The company had a pre-tax loss of $3.9m (€3.9m) in the six months ended May 31, 2002 down 75% from the loss in the previous first half year. Revenues were $10m (€10m), up 28%.