RDM sales up 39 per cent to £16m

RDM sales up 39 per cent to £16m

Annual profits rise 35 per cent to £6.5m at the online payment company

Annual revenue at online payment specialist RDM Corporation rose to $33.9m (£16.4m), up 39 per cent on the previous year.

Gross profit totaled $13.5m (£6.5m), an increase of 35 per cent on 2006. RDM's April sale of its minority stake in software provider Xign Corporation contributed $2.7m (£1.3m).

"RDM is well positioned with our positive cash flow and cash in the bank to take advantage of acquisition and consolidation opportunities as they arise in our industry," said Douglas Newman, chief executive at RDM.

Fourth quarter sales also rose 3.5 per cent to $7.5m (£3.6m), but net earnings plummeted 60 per cent to $636,000 (£308,000) compared with 2006 profits boosted by recognition of $264,000 (£128,000) of investment tax credits and of an $850,000 (£412,000) future tax asset.