Irish software company Iona Technologies last night announced record financial results for the first quarter of the year, with revenue growth of 93 per cent and earnings up 46 per cent compared to the same period in 1997.
"It has been another successful quarter for us," said Iona's chairman and chief executive, Dr Chris Horn. "We have continued to demonstrate our commitment to and success at solving customers' enterprise problems."
The company said revenues reached $17.6 million (£12.6 million) for the first three months of the year, against $9.1 million in the year-ago period. Net profits were $2 million, compared with $1.4 million for the 1997 quarter.
Iona said the results were driven by its improved products as well as a series of new alliances it had forged with leading technology companies such as Microsoft and NEC.
The company controls 60 per cent of the market for "middleware", software that integrates different programmes.
In March 1997, Iona floated on the New York NASDAQ exchange. Despite a dip in value last year, the shares in the company is now trading at its highest levels to date, around $35. This gives the company a market capitalisation of over $670 million.
