DERRY-based cyber security firm MetaCompliance has pledged to reinvest its profits into growing the company after a “transformational” year.
New accounts published by Companies House show the tech firm’s revenue increased by 32 per cent to £16.6m million for the year ending March 31 2023.
That helped increase MetaCompliance record a pre-tax profit of £5.1 million, a 39 per cent jump on its 2022 performance.
Founded by Robbie O’Brien in 2005, MetaCompliance specialise in software and content for the cyber security and compliance market.
The company has been on a significant growth trajectory since taking private equity investment from London-based Tenzing at the start of 2021.
Although based on Derry’s Patrick Street, MetaCompliance now has offices in Dublin, London, Birmingham, Atlanta, Porto and Copenhagen, employing 127 people.
In a review of its latest trading period, published alongside its 2023 accounts, the Derry firm described 2022/23 as “transformational”, stating that its financial plans and sales targets had been exceeded.
Robbie O’Brien’s report said the company wants recruit 42 new people in the current trading year, which would expand MetaCompliance’s headcount by 30 per cent.
The company is also planning to increase spending in research and development and continue to invest in sales and marketing, with increased focus on Europe and North America.
Of the £16.6m turnover recorded in the year to March 31 2023, some £7.4m was generated in Europe, a 44 per cent year-on-year increase.
Sales to the rest of the World, including North America, also increased by 44 per cent (to £1.3m).
UK sales accounted for £7.96m, up 20 per cent year-on-year.
