Norkom revenues jump 53%

Financial crime and compliance solutions company Norkom has announced a 53% increase in revenue to €17.6m and a 50% improvement in EBITDA to €3.1m for the half year ended 30 September 2007.

Financial crime and compliance solutions company Norkom has announced a 53% increase in revenue to €17.6m and a 50% improvement in EBITDA to €3.1m for the half year ended September 30, 2007.

This period has included the acquisition of Digital Harbour on July 31, 2007, for €26.7m.

The group has executed on its previously stated M&A strategy whilst continuing to deliver strong organic revenue growth of 45% in 2007.

This has resulted in the addition of 19 new clients in 2007, nine of which stem from organic growth, combined with ten clients coming from Digital Harbour, mainly from the tier-one US financial services sector.

Norkom’s chief executive officer Paul Kerley said: "When we came to the public markets we articulated a strategy of delivering strong organic growth with profits while pursuing complementary acquisitive growth.

"We are pleased with the progress we have made during this financial period. A strong financial performance has been achieved across all our regions at a time when the company has been involved in growing new markets, completing a complex acquisition and raising further funds on the public markets. "