Profits at AMT-Sybex, the technology company co-founded by businessman Pearse Mee, almost halved to €3.5 million in the financial year to January 31st, 2007, as turnover dropped by 14 per cent to €43.6 million, according to company accounts just filed. Simon Carswell, Finance Correspondent, reports.

The company provides consultancy services and software to the utility, transport and energy sectors. It carries out most of its business in Britain and Ireland. It says in its accounts: "Trading conditions have continued to be difficult for a number of our competitors and AMT-Sybex has continued to be affected."

Shareholders received dividends of €6 million during the 2007 financial year, compared to €4.46 million the previous year.

The company spent €10.7 million buying 100 per cent of the shareholding in Marrakech, the Dublin company that provides an internet-based platform for firms to manage their buying and selling processes. AMT-Sybex was an existing shareholder in the firm. It wrote off goodwill of €665,000 following the takeover, completed on July 1st.

The directors of AMT-Sybex say repeat revenues continued to rise at the firm during its 2007 financial year. Its long-term order book rose by more than 25 per cent and its "mobile field working and information management practices" grew by 20 per cent.

Mr Mee co-founded AMT-Sybex in 1990 and was group managing director until February 2003, when he became group deputy chairman, a position he still holds. The company appointed William Hague, a former leader of the British Conservative Party, to its board in 2004. Andy Miller is group managing director.

Mr Miller says in the accounts that the year to January 31st next "will remain very challenging and the group will need to make still more investment to consolidate our strong positions in new market areas." He adds: "We are very aware that we will have to continue to work extremely hard if we are to maintain the profit levels achieved within this year."

The company had retained profits of €17.9 million at January 31st, 2007, down from €22 million a year earlier. Its cash reserves fell from €11.5 million to €6.4 million, while staff costs fell to €18.1 million from €22.9 million during the year. The firm's eight directors shared remuneration of €2 million, up from €1.7 million the previous year.