Belfast Telegraph

Belfast IT firm TotalMobile may be sold after doubling profits

By John Mulgrew

Belfast IT firm TotalMobile has witnessed its profits double and workforce grow amid speculation the firm could be sold in the near future.

The software company also saw its turnover rise to £11.5m.

That was up from £9.69m the year before.

Pre-tax profit increased from £1.06m to £2.04m, according to the latest set of accounts for TotalMobile Ltd, ending December 31, 2014.

It was a year in which its workforce grew from 70 to 93.

TotalMobile builds mobile applications which are used to help simplify the workflow of firms across a range of sectors.

Its clients include blue-chip firms like BT, Vodafone and Allianz.

A statement in its results said the firm had "another excellent year" and despite challenging market conditions it delivered "an excellent set of results".

In that time the firm secured several major deals with clients in England, including the NHS.

And despite growing its profits and turnover considerably, the company spent 18% of its turnover on research and development.

No one from the firm was available to comment on the strong possibility the company could soon be sold.

Economist John Simpson believes with its strong trading performance, TotalMobile is now an even more "attractive" asset to a potential buyer.

"They have had big enough growth to climb into the Top 100 companies list," he said.

"With the improvement in their trading performance, if they wanted to sell the company they now present themselves as a more attractive asset.

"Some of these local companies have seen their profits consistently improving."

Its sale would be the latest in a long line of mergers and takeovers in Northern Ireland over the course of the year.

And the latest up-to-date figures show more than £1.3bn worth of business deals were done during the course of this year.

There were some 58 deals worth £1.311bn for the year to date, according to Experian. That's up from just £655,000 during the same period in 2014.

The value of big business deals in Northern Ireland shot up, partly buoyed by the sale of meat giant Moy Park.

Northern Ireland's biggest employer was sold for $1.5bn (£945m) to Brazilian food group JBS S.A in June.

Just this week it was revealed Co Fermanagh firm P Clarke and Sons had been taken over by Co Londonderry engineering and concrete company FP McCann.

Meanwhile, one of Northern Ireland's best-known fast food outlets, Boojum, was bought by Renatus Capital Partners in Dublin, who backed former Ulster Rugby star Andrew and his brother David Maxwell in the acquisition of the chain. Earlier this month Co Tyrone horticulture firm Westland bought the assets of William Sinclair Holdings plc, after it was put into administration.

Belfast Telegraph