Unquoted Hounslow, Middlesex-based Third Wave Network Plc has reported pre-tax profits of UKP501,000 against a loss last time of UKP286,000 on year-end turnover to March 31 up 127% to UKP5.6m in its first year of trading as a public limited company. Third Wave Network is a consultancy, software products and project services organisation that specialises vertically in the financial services sector and horizontally, across all sectors, in database marketing systems, systems integration and off-shore systems development. Chairman Bill Murphy attributes the result to a combination of factors. The database marketing product, Mind, Marketing Information Database System, was launched in late 1990 and sold to two large financial services organsations. In Delhi, Third Wave’s new subsidiary, IIS, undertook work via satellite links for two financial services clients. At the end of the year, Third Wave funded the acquisition of the DSL Group Inc, a New York-based contractor business. Third Wave intends to use this as a basis to offer off-shore software development services to the US. The Irish subsidiary, Third Wave Ltd, completed an off-shore assignment for Nexus Payment Systems International which involved business specification, design and development, implementation and staff training. Chairman Murphy says he is pleased with the restructuring of the company that made Third Wave Network Plc the new holding company of the group and resulted in an increase of staff to 187 from 68. Murphy’s future plans include launching the company in the US and opening a sales company in France.
