Losses narrow at Cubic Telecom as Audi sales surge

Losses narrowed at Irish technology company Cubic Telecom last year as turnover jumped by over 80 per cent to 19.8 million.

Newly filed accounts for Cubic show it reported 16.9 million in sales to one of its biggest backers, the car manufacturer Audi. This compares to sales of 8.3 million to the company a year earlier.

Cubic develops mobility solutions for internet of things, machine-to-machine and device manufacturing companies. The group’s technology allows car manufacturers,in particular, to update mapping and engine software with wireless upgrades that reduces visits to dealerships.

Founded in 2005, Cubic is led by Barry Napier. Its solutions are installed in more than 2.5 million cars across 50 countries. Its clients include Audi, Panasonic, Volkswagen and Skoda

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The company recorded pre-tax losses of 12.7 million in 2018, down from 18.9 million a year earlier, according to newly filed accounts Accumulated losses rose to 72.5 million from 59.7 million in 2017.

Cubic said that gross margin as a percentage of revenue rose from just 8 per cent to 42 per cent in 2018 due primarily to a change in data costs incurred.

The company has raised approximately 100 million in funding to date, with the European Investment Bank providing a 23.5 million credit facility earlier this year. Other backers include Audi, chip manufacturer Qualcomm, Enterprise Ireland and the Ireland Strategic Investment Fund, the 8 billion fund which is managed and controlled by the National Treasury Management Agency.

The accounts show the company employed 124 people at year-end, up from 105 in 2017. Staff-related costs, including wages and salaries, rose to 11.8 million from 10.6 million a year earlier. Directors’ remuneration fell to 501,928 from 891,386.