Norkom, the Dublin software company, has reported a 38 per cent increase in revenues to €25 million and a 40 per cent improvement in earnings before interest, tax, depreciation and amortisation, for the year to the end of March last.

Norkom's total in this regard was €4.5 million while its margin was flat at 18 per cent.

Europe accounted for the bulk of revenues (€9.1 million), followed by North America (€8.2 million), with Ireland, Britain and the rest of the world contributing €7.7 million.

The company provides software to help banks and other financial institutions detect and prevent money laundering and other financial fraud by organised crime.

During the year Norkom signed up 17 new customers including Western Union, Raiffeisen Zentralbank Österreich, Credit Agricole and Experian. It also said that over 70 per cent of existing clients had re-invested in its technology.

Norkom improved its cash-at-bank and in-hand position during the year from just over €10 million in 2006 to €29.3 million at the end of March. Net cash inflow from operating activities increased from €3.2 million to €4 million over the same period.

The company now employs 210 people, the bulk of whom are located in Dublin though the company also has offices in the US, Australia and mainland Europe.

In June 2006, Norkom took a dual listing on the small cap markets in Dublin and London.

Norkom also increased its investment in research and development by 50 per cent last year to €3.4 million which resulted in two new products and improvements to its existing lines.

The firm made inroads into the Asia-Pacific market with the opening of a sales and service operation in Sydney, Australia.

Chief executive Paul Kerley said Norkom was now on target to become the leading software company in the fraud management sector. "We have a global solution for a global problem," he said. Analysts at the Tower Group estimate that $19 billion (€14.25 billion) is lost to firms in the financial services sector each year due to fraud.