Software firm back in profit despite dip in revenue

Irish software firm Openet last year returned to operating profit in spite of a dip in revenues to €95.44m.

The Dublin based software firm — which this week announced the creation of a further 30 high-value jobs — recorded an operating profit last year of €413,000 following an operating loss of €1.48m in 2012.

Revenues declined by 3%, from €97.9m to €95.4m, in the 12 months to the end of December last. The directors state that the revenue decrease was attributable to a weakening of the US dollar in 2013.

Openet develops software for more than 600m mobile phone users around the world. The software enables its global mobile phone and cable customers, which include AT&T, Verizon, and Vodafone to improve profitability by commercialising network activity.

The company has a research and development lab and core product development function in Dublin where it employs more than 200 engineers. The firm — which employs over 700 people — postponed plans in 2012 of a floatation on the Nasdaq in New York after problems relating to the flotation of Facebook in May 2012.

However, new figures lodged by Openet Telecom Ltd with the Companies Office show it continued to expand last year, employing an extra 90 staff to bring headcount to 708 from 618.


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