Suprema, a leading global provider of biometrics and ID solutions, announced a quarterly financial report highlighting that revenue in the first quarter had hit record highs.
Suprema, a leading global provider of biometrics and ID solutions, announced a quarterly financial report highlighting that revenue in the first quarter had hit record highs.
The quarter's revenue reported at $18.3 million, an increase of 69.1% from the same period last year. Net profit jumped 169.4% from the last quarter and increased by 40.3% from the previous year's first quarter.
Suprema was recognized as one of the fastest growing companies with double-digit Compound Annnual Growth Rate (CAGR) and named to the Top 10 Revenue Growth companies in global physical security markets, as evaluated by A&S International Magazine in 2013. Its revenue has increased in CAGR by more than 35% since 2007, beyond the market growth rate of around 20%.
“We consider these results as owing to our success in aligning business strategies this year, such as pioneering new markets, including Russia, Brazil and some parts of Europe, and focusing on key business opportunities around the globe” said James Lee, CEO of Suprema. “From this point of view, it is even more meaningful to report such positive results early in the year.”
It is expected that the company will continue to grow as it undertakes further initiatives in the security business including access control, in addition to its ID solution business, which holds a top position in global markets.