Qumas, the Cork-based software developer, announced record profitability and earnings for fiscal year 2003. Annual revenues increased to a record US$11.5m for the year ended 31 December, 2003 and the company posted profits of US$1m for the same period.
The results mark ten consecutive years of revenue growth and they represent an 18.5pc increase on the previous year’s figures. More impressive still were the company’s profits, which rose by 233pc on 2002 in spite of the continued downturn in the worldwide technology market.
Qumas develops compliance systems for regulated industry sectors such as pharmaceuticals, medical devices, biotechnology and contract research organisations.
Over the past ten years, more than 100 global firms have installed Qumas’ Enterprise Compliance Management systems to achieve higher levels of compliance and reduced regulatory risk. Its customer list includes Merck, GlaxoSmithKline, AstraZeneca, Millennium Pharmaceuticals, Roche Diagnostics, CR Bard, Biogen-IDEC and Vistakon.
“2003 was another year of record annual revenue and earnings for QUMAS,” said Qumas CEO and co-founder Paul Hands. “For over a decade, we have made steady, predictable advancement towards profitability and revenue growth. Looking forward, we are confident in our business strategy and global competitive position. Our financial strength enables us to aggressively increase our current investments in R&D, sales and marketing to ensure future leadership and market dominance with a strong compliance solutions portfolio.”
By Gordon Smith