STB Systems sees revenue increase
06 August 2002 | 2617 views | 0
Regulatory and compliance software provider STB Systems is reporting revenue growth of 33 per cent to just over £3 million for the year ended 31 May 2002.
The vendor also reports a modest profit of £36,000 for the year, marking a return to profitability after three years of heavy investment in research and development.
Michael Thomas, managing director and co-founder of the company, comments: "Despite the international economic climate, the company has delivered considerable growth and returned to profitability while maintaining its emphasis on investing in the future."
During the year, the company introduced its new anti-money laundering system STB-Detector.
Significant investment was also made in the Asia-Pacific region where STB's Hong Kong-based branch was converted into a wholly-owned subsidiary of the UK company. STB Systems intends to create a further subsidiary in Singapore during the coming year.