Loyaltybuild pre-tax losses soar to €8.5m
The firm behind the business that was victim of a "very sophisticated cyber attack" four years ago recorded pre-tax losses of €8.5m last year.
That is according to new accounts just filed by Loyaltybuild Ltd, which show that the company recorded the loss after revenues declined by 18pc going from €29.73m to €25.98m.
The pre-tax loss of €8.5m last year follows a pre-tax loss of €9.1m in 2015.
In October of last year, Loyaltybuild - which built its business operating customer loyalty programmes for clients - announced 37 redundancies at its Ennis HQ in Co Clare.
The new accounts show that the cost of the restructuring is €795,811. The directors state that, in addition, the firm's relationship with a significant client ended on December 31 last.
The directors state that in order to maintain the company's leadership position in a competitive market, the company must refocus on becoming an agile, leaner and predominantly digital-led business.
The decision to downsize the Irish operation came three years after the cyber-attack put Loyaltybuild's Irish business out of action for seven months, costing the company millions of euro in lost revenues.
No party was ever identified or brought to court for the cyber attack.
The company's Irish revenues last year declined from €6.3m to €5m while revenues in "other European countries" declined from €23.4m to €20.9m.