Cognotec records profit for first time

COGNOTEC, the Dublin-based company that provides foreign exchange software to banks, made a profit for the first time in 2004.

According to accounts just filed for the company, pre-tax profits were $2.18 million (€1.83m), more than reversing the loss of $3.7m in 2004.

The company said it has invested heavily in its products over the past five years and this is beginning to pay off.