Dublin-based security software firm Norkom has today reported a 14 per cent rise in pre-tax profits to €3.18 million for the six months to the end of September.
The company said revenues rose 2 per cent to €24.6 million for the first half of fiscal 2010 compared to €24.2 million a year earlier. Meanwhile Ebitda increased 8 per cent to €4.3 million as against €4 million for the same period last year.
Adjusted Diluted EPS was up 7 per cent to 4.22 cents compared to 4.00 cents for the first six months of fiscal 2009.
Net cash inflow generated from operations was €4.7 million as against €0.6 million last year while net cash rose to €31.7 million from €27.5 million over the same period.
Norkom said it gained eight new clients during the six months to the end of September. However, close to 90 per cent of first-half revenue came from existing customers who re-invested in the company's products.
"We are clearly pleased to have produced these results particularly in a period of significant upheaval and crisis in our core market. Our capacity to expand our reach into new markets, while, in parallel, generating significant pull-through business from our existing clients, places the company in a strong position to capitalise on a return to normal buying behaviour in our market," said chief executive Paul Kerley.
During the period under review Norkom continued its expansion into the Middle East where it has recently won a number of new clients.
The firm said that revenues has risen by 15 per cent in Europe to €5.8 million from €5 million a year earlier.
"While the crisis provided a challenge for Norkom, the strength of our market franchise, solutions and business model made it easier to withstand compared to some of our competitors, which have exited the market. With this market consolidation and the continued endorsement of our solutions by industry analysts, we expect to pick up a greater share of the returning demand in the market, underpinning our plans to return to normal levels of growth for Norkom," added Mr Kerlsey.
