The company’s result was impacted by an asset impairment write-back, which led to a full year reported profit of $2.464 million.

Total revenues increased year on year by 88% to $5.065 million.

“The increases in profit reflect continued strong growth for our software licences and services due to ongoing high demand in the resources industry,” QMASTOR managing director Trent Bagnall said.

QMASTOR is targeting revenue of $9 million in 2009 and to deliver earnings per share of 3.25-4c in 2009.

“The company's licence orders, a leading indicator of the state of our market, were 109.8 per cent higher in 2008 than at the same time last year,” Bagnall said.

“We expect demand to continue to grow at a similar rate throughout 2009, and we are well positioned to meet market requirements.”