ECOMETRICA, the Edinburgh software company whose applications monitor the effects of deforestation and climate change and allow companies to assess the environmental impact of their operations, has reported a big rise in sales and profits.
The company, which has offices in London, Boston and Montreal, saw turnover more than double to £2.25 million in the year ended March 31, amid strong growth in the UK, US, and emerging markets such as South America.
And it declared that the pipeline of sales leads continues to be promising, as earth observation and mapping modules are increasingly adopted to monitor the impact of forest protection programmes by governments in countries such as the UK, Mexico and Brazil.
Ecometrica, whose software allows businesses to analyse environmental data from space, said its work with the UK Space Agency has placed it at the forefront of the industry.
The latest accounts for the company, which in May became the first Scottish company to receive funding from the Clydesdale Bank’s Emerging Technology Unit, also reveal that it made a profit of £5.29 million last year, having lost £352,562 the year before.
It attributed the turnaround to changes in financial reporting rules, which require companies to take into account growth in the value of assets such as intellectual property. The accounts show that Ecometrica had net assets of £10.8m at March 31, up from £5.5m the year before.
Total sales, which take deferred income from software licensing deals into account, climbed by 132 per cent to £2.77m.
Chief financial officer Adrian Smith said: “Although Ecometrica's balance sheet has topped £10m in assets, we remain determined to grow in a sustainable and profitable way.
“Our work with the UK Space Agency, providing mapping applications that show the effects of deforestation and climate change, has put us at the forefront of a British success story. As a result, we have seen significant turnover growth, particularly in the downstream space and mapping markets, across the UK and emerging markets, such as South America. “
Mr Smith pledged that the company would hire staff and increase its spending on research and development (R&D) this year, having more than doubled R&D expenditure to £391,000 last year.
He said: “We are continuing to hire staff in response to our growth, and recently reached a critical mass of 30 employees, which means that all necessary specialities are covered. Our focus remains on profitable growth.”
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