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Norkom posts full year results

09 June 2009  |  1572 views  |  0 Source: Norkom

Norkom reports a strong continued growth in revenue (17%) and EBITDA (14%).

The company reports the following key financials:

  • Revenue up 17% to €48.0 million (2008: €41.0 million), and up 22% on a constant currency basis*
  • EBITDA up 14% to €8.2 million (2008: €7.2 million), and up 38% on a constant currency basis
  • Adjusted Diluted EPS up 1% to 7.74 cents (2008: 7.69 cents) and up 25% on a constant currency basis
  • Net assets of €58.2 million (2008: €50.3 million)
  • Net cash inflow generated from operations of €6.8 million (2008: €5.2 million)

2009 Results

 

€m

2009

2008

%
change

% change in
constant currency

Reveneue                                   

48.0

41.0

17%

22%

EBITDA

8.2

7.2

14%

38%

Adjusted Diluted EPS

7.74 cent

7.69 cent

1%

25%

Net Assets

58.2

50.3

Cash Balance

27.5

20.7

*(Percentage changes in constant currency reflect the 2009 results as translated using average weighteed rates for 2008)

Key business highlights for the period included the following:

  • 16 new clients added during the period including 3 of the world's largest banks in addition to continuing to develop strong relationships with our existing clients
  • First deal in the Middle East financial services market with sale to Dubai Islamic Bank
  • Global spread of revenue continues with strong performance in Asia Pacific, where revenue increased by 76% to €7.9 million
  • The release to the market of Norkom's version 6.1, which strengthens our financial crime offering in the marketplace and our investment in packaged applications, facilitating accelerated entry into new markets
  • Norkom's market recognition continues to increase with the Chartis report, released in February 2009, rating Norkom as the number 1 provider in the financial crime risk management technology sector in its Financial Crime Management Systems 2009 Market Analysis report
  • Our associate, Digital Harbor (formerly Nexus Inc.), has won its first fraud solution deal in the medicare industry

Commenting on the full year results, Norkom's chief executive officer Paul Kerley said: "Despite the current turmoil in the banking sector and the subsequent economic impact, the resilience of Norkom's business has shone through, with our teams delivering a strong performance during the year. We opened new markets, launched new products and expanded our footprint across the globe. As we emerge from fiscal year 2009, we continue to generate profits and cash, and our company remains in a very healthy condition. The many years invested in focusing on our client relationships, fiscal responsibility and building a fantastic team have positioned Norkom to continue growing from strength-to-strength in the coming years."

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