Revenue grows at Tas despite losses
Software firm Tas Group saw its revenues grow last year, though it continues to post losses. According to the latest accounts for the company, it recorded revenues of $13.1 million ($9 million) in the year ending January 31, 2009, up from $12.9 million in the 13 months ending January 31, 2008.
During the same period, the company’s cost of sales declined from $6 million to $5.4 million, while operating costs increased from $12.5 million to $12.8 million.
Tas Group reported a net loss of $5.2million for the year, compared to a loss of $5.4 million for the previous financial year. The company now has accumulated losses of $13.3 million. Shareholders’ funds stand at $4.5 million.
Staff numbers at Tas Group dropped from 48 to 46 last year. The company’s overall remuneration bill fell from $7.5 million to $7.1 million during the period.
Directors of the company reported that they were ‘‘satisfied with the progress of the group during the year and expect the level of activity will be sustained for the foreseeable future’’.
Tas, which is led by managing director Donal Daly, expanded in 2006 when the then one-year-old company bought software giant Oracle’s On Target division in a $10.45 million transaction. The deal was financed by the company’s backers, Trinity Venture Capital and private investors. The company, which was formerly known as Select Selling, was rebranded as the Tas Group following the deal.
The firm last year raised a further $2 million in funding from its backers, bringing the total backing injected in to the firm to almost $20 million.
