Norkom Group Plc "Norkom" or the "Group"
DUBLIN, June 10 /CNW/ - Norkom has announced a 64% increase in revenues
and a 59% improvement in EBITDA for the year ending 31st March 2008 (2008)
The company reports the following key financials:
- Revenue up 64% to EUR41.0 million (2007: EUR25.0 million) including
the acquisition of Digital Harbor
- EBITDA (earnings before interest, tax, depreciation and amortisation)
up 59% to EUR7.2million (2007: EUR4.5 million).
- Adjusted Diluted EPS up 43% to 7.69 cents (2007: 5.37 cents)
- Net assets of EUR50.3 million (2007: EUR32.6 million)
- Net cash inflow generated from operations increased to EUR5.2 million
(2007: EUR4.0 million).
Key business highlights for the year included the following:
- Digital Harbor, North American acquisition - closed in July 2007,
brought to profitability in 2008 and fully integrated in to our
- North America revenue increased by 111% year on year, with a number
of significant Tier 1 client wins including: Washington Mutual and
- Norkom has added 32 new clients during the year and secured continued
incremental business from its existing client base. This includes the
addition of 10 clients from the acquisition of Digital Harbor, mainly
from the tier one US financial services sector.
- AsiaPac achieved an outstanding EUR4.5 million revenue in its first
full year of operations with new client wins including WestPAC, St
George and ANZ
- Norkom's market recognition increased significantly with the company
winning a series of prestigious awards by some of the industry's most
respected publications and eliciting praise for its business strategy
from internationally respected research firms such as Gartner
- 2008 was the first year of strong revenue from the partner enabled
channel with 16% of total revenue delivered from this channel.
Commenting on the full year results Norkom's chief executive officer Paul
"Fiscal 2008 has been a very successful year for Norkom and one that has
strengthened Norkom's capacity to compete and scale our business in future
financial periods. During 2008 we have significantly developed all areas of
our organisation and we now are present and delivering success in 80% of the
global addressable market. Our market visibility and global brand has evolved
to an extent where we are seen as a natural choice for top tier financial
institutions intending to invest in Financial Crime and Compliance solutions.
Additionally we are seen as the leading solution globally by a number of the
worlds leading system integrators and consulting firms who have chosen to
partner with Norkom thereby increasing our market reach and scalability. This
is evidence by the fact that our partner enabled revenue has increased to 16%
of our revenues up from 2% in the same period last year.
"2008 has been quite a tumultuous year for our target market, the
financial services sector. This has been created by a combination of the
sub-prime induced credit crunch, fears of a recession in the US and a series
of high-profile banking failures. Fortunately, these events served to solidify
and focus our clients and prospects senior management teams to invest in and
deliver on their risk management agendas.
"We continued to follow our company strategy of delivering organic growth
with profits while pursuing complementary acquisitions. Completing the
acquisition and integration of Digital Harbor in a year where we also
delivered significant growth in organic revenues is a testament to our team's
ability and brings us closer to becoming the gold standard for Financial Crime
and Compliance solutions globally."
For further information:
For further information: Fiona McLoughlin, Marketing Manager, Email:
firstname.lastname@example.org, Telephone: +353-1-873-9600