CORK SOFTWARE firm Qumas has refiled accounts for 2006 with the Companies Registration Office that show it lost $4.1 million (€2.65 million) more than first reported. A handwritten note on the new accounts says "in replacement for a/cs filed in error".
Qumas had initially reported a loss for the 2006 calendar year of $6.2 million but the refiled accounts show a pre-tax loss of $10.34 million bringing retained losses to $21.2 million.
The accounts state that the company received financing of $12.63 million in 2005 and 2006. The company raised an additional $6.5 million in February 2007 through the issue of new shares.
Revenues in 2006 came to $16.2 million, up from $15.7 million in 2005.
The directors report accompanying the accounts notes that the results reflect "the group's development of its business into the financial services markets in the US and UK which required significant investment in sales and marketing operations to service planned business developments".
The company develops software which enables its customers to comply with industry regulation. Founded in 1994, Qumas originally targeted the pharmaceutical and life sciences sector but has more recently began to sell also into the financial services sector.
The directors report states that the company has won a number of contracts from "market leading client accounts" in the finance sector. Customers include Goldman Sachs and Fidelity Investments, a sister company of one of its backers. Qumas's shareholders include its founder and chairman, Paul Hands, chief executive Kevin O'Leary, venture capital firms ACT and Delta Management Partners, private equity company Fidelity Ventures, Bank of Ireland and AIB, according to the accounts.
The directors say the group's costs are primarily in euro while its revenues are primarily dollar denominated. It is attempting to reduce this exposure by invoicing in euro where possible and entering into forward exchange contracts to hedge up to half the exposure.
Qumas employed an average of 142 staff in 2006, up from 98 the previous year.
