The recently revamped security firm, the Netwatch Group, posted revenues of €35.1m in its first 10 months in business in 2018, new accounts show.
However, legal and professional fees of over €7.2m from the merger of four businesses making up the new Netwatch in the UK, the US, and in Ireland, contributed to the business posting a pre-tax loss of €10.1m.
The Netwatch Group includes the Carlow-founded company, along with the California-based National Monitoring Center, CalAtlantic in Texas, and the Sussex-based Onwatch Multifire.
The merger deal was funded by private equity firm, Riverside which is the largest shareholder in the new group.
The group — which provides visual surveillance and electronic security systems — now employs over 500 staff and has offices in Carlow, Newry, Cambridge, London, Houston, Dallas, Boston, and California.
In the accounts, the directors said “the group had a strong year in their first period operating”.
They said the US market led the way, with revenues of €22.2m, the Irish market generated €6.7m in revenues, and the UK market generated €6.2m.
The software that Netwatch is developing allows high-speed processing of video alarms from sites across the world, it said.
The directors for holding company, Project Olive Holdings Ltd, state that “management are forecasting significant increase in new business in the short-term over 2018 levels”.