New researched carried out by Bank of Ireland and Trinity College found that 71% of technology SME companies grew their revenue last year.

This is up from 58% in similar research the year before.

The research project was conducted with 100 SME technology companies. The objective of the research was to look at the revenue performance and funding choices of Irish technology companies.

Almost half (45%) of technology companies said their objective is to generate high profits each year, with one in four (23%) hoping to be bought out within five years and 8% wanting to merge with another firm. Five percent wish to acquire another firm, with 5% wanting to embark on an IPO.

When asked what was the most important objective in the next two years, 35% of companies said that growing headline revenue was the focus, one in four (25%) said they want to increase profits, while the same number (25%) said they wished to introduce a new product or service.

One in ten (8%) want to break into a new market and the same number (8%) want to diversify into a new business area.

Overall, 54% of the companies said that they are profitable.

One in three (29%) companies said that the main challenge in which they will face over the next three years is gaining more customers, with one in four (23%) saying access to adequate capital is the main challenge. Sixteen per cent of respondents said that ensuring a skilled technical workforce is the primary challenge, with one in ten (8%) saying increasing costs.

For more on this article, please visit: Business World