Openet reports sharp revenue rise
LOSSES at Irish software firm Openet narrowed last year after a sharp rise in revenue.
The Dublin-based firm employs 618 people. Last year it postponed a planned stock market flotation on the NASDAQ in New York, because of choppy equity markets in the wake of the Facebook IPO.
Figures for Openet Telecom Ltd show that the firm continued to expand last year employing an additional 125 staff to bring headcount to 618 while its R&D spend increased by 80pc.
Openet is Ireland's largest privately held tech firm and revenues last year rose from €88.56m to €97.9m, at the same time pre-tax losses narrowed by 8pc from €2.74m to €2.4m.
The firm's directors include former Esat executive Barry Maloney and, according to the directors' report: "The reduction in underlying profitability of the business was due to continuing significant investment in the recruitment of new staff in areas such as sales, product development, applications, engineering and support."
The directors state that "overall 2012 was a very significant year for Openet, in which the company undertook a further rapid expansion of its investment in growing the business, transformation of its accounting framework, and review and assessment of its capital structure, while at the same time continuing to grow its revenues and expand its customer focus".
The directors stated that the company looks forward to continued growth in 2013.
The loss for 2012 was €76,000 when depreciation, charges relating to share-based payments and exceptional legal and professional fees were taken into account, the directors said.