Irish tech firm Arkphire reports operating profit of €1m on €52.6m turnover
IT services and networking firm Arkphire has reported an operating profit of €1m on sales of €52.6m for the year ending June 30, 2016.
The performance of the Irish-owned company significantly improved with profits almost doubling from €530,974 in 2015 to €1,015,999 in 2016.
In accounts recently filed with the Companies Registration Office (CRO), turnover at Arkphire is also up 63pc to €52.6m from €32.3m.
“I am very pleased to report a record year of performance and development at Arkphire," CFO Jimmy Dalton said.
"This excellent result was driven primarily by the expansion of Arkphire’s customer base and the strong performance across each of its’ principal activities covering managed services, IT consulting, product procurement and logistics.”
Last year, Arkphire acquired networking solution provider, Bootstrap, that positioned both companies to be able to offer enterprises the full spectrum of IT services.
However, as the Bootstrap acquisition occurred in June 2016, earnings for the newly acquired business are not included in the consolidated financial statements.
According to Jimmy Dalton, Arkphire has ambitious plans to continue building for the future and is forecasting to grow turnover to €70m in the next financial year with profitability to double.
The firm also intends to create 35 new jobs over the next two years.
Last year, Arkphire was listed among the Deloitte Technology Fast 50, a ranking of the 50 fastest growing technology companies in Ireland
Arkphire’s customers cover large multinationals, leading Irish organisations and public sector agencies within a wide range of industries including telecommunications, finance, pharma, healthcare and energy.
Arkphire currently employs over 75 people and is headquartered in Dublin with an international office in London.