Tech start-up 'ahead of schedule' to turn profit
AN award-winning start-up technology company saw losses almost quadruple last year, but still expects to be profitable by 2012, its chief executive said yesterday.
Accounts just filed for Sonru, which provides software for online interviews, show a loss of €354,376 for the year to the end of 2010. That was nearly four times the €88,903 the company lost in 2009.
Despite the loss, chief executive Fergal O'Byrne was pleased with the company's performance, which he said was "ahead of schedule".
"The loss was due mainly to expanding the business around the world -- we now have a presence in the UK, Canada, the US and Singapore -- so there was always going to be significant expenditure in that regards.
"We previously stated that we expect to be profitable by 2012 and we are still confident about that, in fact we may be a little bit ahead of schedule."
Mr O'Byrne added that the Wexford-based company had not sought to raise additional capital from investors and saw no need to do so in the near term. Founded by Ed Hendrick, Sonru's software allows companies to conduct online interviews without having to conduct them "live".
A candidate logs on and answers a number of standard questions while being recorded by webcam. The candidate can log on at any time from anywhere.
"It is an effective first step in the interview process without the interviewer meeting large numbers of people instead of working on their business," Mr O'Byrne has claimed in the past.