Fight against crime lifts Norkom revenues

12 Jun 2007

The growing market for technologies useful in the fight against financial crime lifted Irish firm Norkom’s revenues by 38pc to €25m compared with €18m last year, after the company won new business with 17 new clients in the past year.

Earnings before interest, taxes, depreciation and amortisation grew 40pc to €4.5m from €3.2m last year.

Earnings per share at the Dublin and London-listed company were up 43pc to 4.08 cents, compared with 2.86 cents last year.

The company reported an increase in net cash flow from activities from €3.2m last year to €4m this year and now has net assets worth €31.9m, up from €10m last year.

The company’s financial performance was strengthened by business wins in the US, Europe and the Asia Pacific region from companies like Raiffeisen Zentralbank Osterreich and Credit Agricole.

Norkom’s employee base also grew by 54pc to 210 people. The company’s R&D investment of €3.4m during the year centred on Customer Due Diligence, Enterprise Investigation Management and the company said demand for these areas is particularly strong due to the 3rd EU Money Londering Directive.

“In the year in which we successfully listed on the AIM and IEX we have continued to deliver strong growth throughout our business,” said chief executive Paul Kerley, ” clear evidence of our ability to manage fundamental change while delivering excellent organic business growth.

Kerley said the global market for financial crime and compliance technology continues to grow, fuelled by increasing market demands, escalating costs and an increase in organised crime.

Norkom’s business objective, he said, was to become the “gold standard” for enterprise financial crime and compliance systems for global financial services institutions.

“We will remain focused on meeting the evolving demands of our client base, while innovating ahead of the curve to deliver solutions that provide measurable results and tangible improvements to clients’ business performance,” Kerley said.

In its business outlook going into 2008 the company said it is confident of delivering similar growth levels in the year ahead.

By John Kennedy