Revenues and profits on the rise at Iona

25-01-2007

by Charlie Taylor

Irish software giant Iona Technologies recorded its most profitable year since 2000, according to new figures released by the firm Thursday.

The company, which develops middleware and web services software, posted revenues of USD77.8 million for 2006, up 17 percent on 2005. Net income and earnings per share for 2006 reached USD7.1 million or USD0.19 earnings per share.

Iona also announced that fourth quarter revenues rose 19 percent year-on-year to USD22.8 million. Net income for the quarter was USD2.9 million, or USD0.08 per share for the three-month period ended 31 December 2006. This compares to a loss of almost USD1 million for the same period in 2005.

On the back of the positive results, shares in Iona were up EUR0.19 at EUR4.29 on the Irish Stock Exchange on Thursday afternoon.

The company said that its flagship product Artix saw revenue rise 113 percent during the full-year 2006 and by 109 percent in the fourth quarter.

Iona, which was first established on the campus at Trinity College, Dublin in 1991, employs 347 people worldwide. Approximately, 115 staff are employed at the firm's headquarters in Ireland.

"Iona is establishing an important leadership role in the infrastructure software market by remaining dedicated to the business and technology needs of our global 2,000 customers," said Peter Zotto, CEO, Iona, adding that he believed the company was in a position to see continued profitable growth this year.

In related news, Iona announced that John Conroy, has retired from its Board of Directors. Conroy, who is CEO of Merrion Capital Group, was first elected to the board as a non-executive director in May 2001.