The RS2 headquarters in Mosta. Photo: Chris Sant Fournier

Software company RS2 has more than doubled its pre-tax profit to €6.6 million during the first half of the year, an increase of 121 per cent when compared to the same period in 2014.

However, since further substantial investment in infrastructure and business development is planned, the board has decided not to recommend an interim dividend.

The group generated total revenue of €11.5 million for the first half of 2015, an increase of 49 per cent when compared to the same period last year. The profit was also positively impacted by movements in the rates of exchange of various currencies.

Earnings before interest, tax, depreciation and amortisation amounted to €7.2 million, an increase of 89 per cent over the same period in 2014.

Cost of sales increased by 22 per cent in comparison with the same period last year, mostly attributable to increases in salaries as the staff complement grew to meet clients’ demands.

This month RS2 opened an office Gozo, an investment of €1.3 million, and established a new subsidiary in Brazil to serve its Latin American market. It is also in the process of opening offices in Manila, the Philippines.