IT company expects strong demand in 2009
Concur Technologies, which provides electronic management systems for the business travel industry, more than doubled its profits for 2007-2008.
The US company, which has a growing presence in Europe, said net income for the financial year ending on September 30, was $17.2m compared with $8.2m fro the previous year.
Concur also reported total revenue of $215.m for the year, a 67% rise on the $129.1m income for the 2006-2007 year.
Revenue for the fourth quarter of 2007-2008 was $57.5m, 61% higher than the $35.7m for the same three months in 2006-2007.
Net income for the quarter was $5.6m, up 72% compared to $4.1m for the 2006-2007 quarter.
Steve Singh, Concur's chairman and ceo, said: "Revenue, earnings and cash flow for the fourth quarter, and for fiscal 2008 as a whole, exceeded our guidance.
"New client additions reached an all-time high, with a record number of companies around the globe turning to Concur to help them quickly cut costs and improve operational efficiencies in the face of challenging economic conditions."
He said the company expected to see continuing strong demand in 2009 as businesses focused on cutting costs.
During the year Concur entered into an alliance with American Express with the latter investing $251m into the IT company.
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