Accounts just filed by the company, for the financial year 2005, show the company narrowed its pre-tax losses substantially from 3.4m the previous year to just 470,000.

The company's chief financial officer Ronan Murray said CR2 has improved that position again in the current financial year and will announce a "significant profit".

"Following management changes in 2004, CR2 has made a remarkable turnaround in its financial performance over the past two years, " he said.

CR2 has raised almost 50m in funding since it was founded in 1997 by entrepreneurs Cian Kinsella and Ron Downey. Its backers include Dublin venture capital firms Trinity Venture Capital and ACT, which led a 10m investment round last year.

Kinsella stepped down from the chief executive role two years ago, though he remains a director of the firm and a significant shareholder, in the midst of a restructuring programme.

His replacement Martin Dolan undertook further cost-cutting, including a number of layoffs and the closure of an office in Britain, and oversaw the company's expansion into several new markets in Latin America and Asia. CR2 has since seen significant growth in sales for its core Bankworld ITM product, which allows banks to offer a range of services through ATM machines.

Bankworld sales have grown 20% over the last 12 months, according to Murray, a key factor behind the company's move into the black.

CR2 had turnover of 12.8m in 2005, according to the most recently filed set of accounts, and has increased that figure substantially this year, he said.