CR2 posts €2.7m pre-tax profits
Published 01/06/2011 | 05:00
A software firm part-owned by Shane Reihill's TVC plc saw a 10pc increase in turnover last year, according to accounts filed with the Companies Office.
Accounts for the year to the end of June 2010 show Dublin based CR2 generated pre-tax profits of €2.7m, up from just €600,000 the previous year.
Profits were boosted as sales grew and administrative and distribution costs fell. Turnover increased from €14.6m to €16m.
According to the accounts there was no dividend paid to shareholders, despite the 10pc increase in revenues.
The uptick in CR2's performance is good news for Shane Reihill's investment group TVC, which is a shareholder in the business.
Shares in the Dublin and London listed TVC were unchanged yesterday at eight cent each.
The CR2 stake is a relatively small investment from TVC. Its biggest stake is a holding in UTV. In March TVC sold what had been its other large investment, a stake in Irish tech company Norkom.
CR2 develops and supplies software to banks that allow customers to conduct transactions through ATMs, mobile phones and over the internet.