Friday 9 December 2016

Operating profits more than double to €7m at Irish software company

Gordon Deegan

Published 10/12/2015 | 02:30

Openet has a research and development lab and core product development function in Dublin where it employs more than 200 engineers. Photo: PA
Openet has a research and development lab and core product development function in Dublin where it employs more than 200 engineers. Photo: PA

Operating profits more than doubled at Irish software firm, Openet last year to €7.1m.

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This followed the Dublin based Openet Telecom Ltd - which employs 680 - increasing its revenues by 1.3pc to €96m last year.

Openet develops software for more than 600 million mobile phone users around the world. The software enables its global mobile phone and cable customers, which include AT&T, Sprint, Verizon and Vodafone to improve profitability by commercialising network activity.

The company has a research and development lab and core product development function in Dublin where it employs more than 200 engineers.

Openet is Ireland's largest privately held tech firm and the firm postponed plans in 2012 a floatation on the NASDAQ in New York after problems relating to the floatation of Facebook in May 2012. The firm's directors include former Esat executive Barry Maloney and the accounts that the company recorded a pre-tax profit of €1.6m last year and this followed a pre-tax loss of €254,000 in 2013.

The firm's cash pile increased during the year going from €18.14m to €27.23m. The firm's Research and Development (R&D) spend last year reduced by 8.5pc from €18.82m to €16.79m.

The firm recorded €72.8m of revenues in the US last year with the rest of world accounting for the remaining €23.8m. In 2014, two customers each accounted for more than 10% of revenues.

Staff costs last year increased from €56.49m to €61m.

The amount paid to key management personnel made up of the Board and the executive team last year more than doubled going from €1.55m to €3.2m.

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