Pre-tax profits at Dublin technology firm Corvil more than doubled last year to €2.4m.
Accounts filed by Corvil Ltd show the firm recorded an 119% increase in pre-tax profits after revenues went up by 35% from €13m to €17.4m in the 12 months to end of Dec 2011.
According to the directors’ report, the revenue and profit increase “was achieved by greater penetration in the existing customer base as well as the addition of new customers and the expansion of operations in Asia”.
The report states that “the focus on application monitoring within the core technology facilitated this growth”. Last year, the firm opened an office in Singapore and the figures show that Corvil increased the numbers it employed from 45 to 57.
Corvil’s products are used by the world’s leading banks, exchanges, electronic market makers and service providers and some of its customers include Morgan Stanley, Credit Suisse, Thomson Reuters, the New York Stock Exchange and the London Stock Exchange.
In the world of modern trading, one of the firm’s core areas ‘latency’ has emerged as a key factor in determining the level of success a particular automated trading or market-making strategy achieves.
This has resulted in an unprecedented level of investment into latency technologies and infrastructure by the world’s leading exchanges, banks, electronic market makers and service providers to financial markets.
Corvil is led by chief executive Donal Byrne and the results for 2011 show the firm’s operating profits increased by 72% from €1.76m to €3m.
However, net interest payments totalling €625,319 reduced the firm’s profits to €2.4m.
The figures show that while the firm’s revenues increased by 35%, its cost of sales increased by 14% from €2.3m to €2.7m while administrative expenses rose 30% from €8.9m to €11.6m.
The firm’s cash rose from €5.3m to €6.4m last year and shareholder funds from €2m to €4.4m.
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