DUBLIN-BASED "location technology" company Mapflow recorded a profit of more than 500,000 in the year to the end of March 2005 on the back of increased contract wins and expansion into the UK market.

The software firm provides geographic information systems and consultancy services to a range of business including the Dublin Transport Office, for which it is heading up a research project into the use of satellite technology to track vehicle use.

Chief executive Richard Bryce said the last year had been a time of "considerable growth for the company".

Mapflow, which raised 5m in funding led by Trinity Venture Capital in 2001, recorded a net profit of 257,000 in the year to the end of March 2004. The company's accounts do not disclose turnover figures but it is thought the firm had sales of up to 2.5m in that period.

According to accounts due to be filed with the Companies Office this week, for the year to March 2005, profit has more than doubled to 527,000. Conor Brophy