Expansion in US reduces Lagan’s profits

Belfast-based software firm Lagan Technologies grew its turnover by 5 per cent last year but continued to sustain losses as it financed its expansion into the US.

4th April, 2009

Belfast-based software firm Lagan Technologies grew its turnover by 5 per cent last year but continued to sustain losses as it financed its expansion into the US.

New accounts for the firm reveal that turnover grew to £15 million (€16.4 million) in the year ending March 31 2008, up from CF14.3 million a year earlier.

Its cost of sales rose from £5.6million to £6.6million during the year, which meant that its gross profit fell from £8.7 million to...

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