Comarch posts positive 2005 results but further growth may come at a price

At the same time, its net profit should exceed zł.25 million. According to preliminary data, in 2005 earnings amounted to about zł.20 million on revenues exceeding zł.400 million. "In terms of revenues, the anticipated revenues plan was carried out with interest," said Janusz Filipiak, president of Comarch. The main priority for the company is to boost its operating margin, which improved from 5.2% in 2004 to 6% last year and further growth is planned for this year. "We could easily make the growth in profitability much higher. We would have to limit spending on R&D, as well as the rate at which we are taking on additional programmers. We do not want to do this though, as we believe that over the long-term these kind of investments will pay off," said Filipiak. (Parkiet, p. 5) M.M.