Earnings and revenues at information technology and software services group, System Dynamics, grew by over 40 per cent in 2004, the company said yesterday.
The company's managing director, Tony McGuire, also revealed yesterday that it is in the hunt for an acquisition this year, and he indicated that that it was looking at expanding into the UK in the medium term.
System Dynamics said that sales in 2004 grew 43 per cent to €14.1 million. At the same time, earnings before interest, tax and write-offs for depreciation and amortisation grew 45 per cent to come in at just under €1 million. Earnings have grown by 240 per cent since 2002.
Mr McGuire said the company was pleased with the results, but said it intended to double its business by 2006. "We have doubled the business every two years since taking it over," he said.
He and sales director, Conor McWade, took over System Dynamics in 1997. "Our philosophy is that we want to build a significant alternative to the big international brands that are operating in this country," Mr McGuire explained yesterday.
The business is competing with the likes of Accenture, Cap Gemini, IBM and Hewlett Packard (HP). "We want to develop our own big brand, but one that is local to Irish customers," he added.
System Dynamics is currently in the hunt for an Irish acquisition. It has bought one company a year for the last three, and buying other businesses is a key part of its growth strategy.
Mr McGuire said that once it has consolidated its position in this country, it would begin to look at buying up businesses overseas, particularly in the UK.
He said the company already has a presence in the UK, Pakistan, North Africa and Malaysia. "We want to become stronger in Ireland before we look for acquisitions overseas," he stressed.
System Dynamics is an information and software services specialist. The company provides its clients with custom-built information technology, computer and software systems. Clients include large corporations, financial institutions, Government departments and State agencies. It has been in business since 1968.
