''I am pleased to report on another record year for the Firm, with significant increase in profit over the last year. It was a fantastic year on all accounts and I could not be happier with the development of the Firm. While our revenues grew this year, we did an excellent job in managing our cost base and we improved our gross margins significantly across every area of the Firm.
This year we also saw the assets on our balance sheet grow substantially. While at its heart The Red Flag Group is a professional services and advisory Firm, we have substantial assets in the form of intellectual property and enterprise-level software that we generate revenue from. We own these assets; we built them from scratch and we own the intellectual property. Again, we are proud that among our key assets are our software products: the ComplianceDesktop® | Compliance Technology Platform, our recently-released IntegraAnalytics® | Compliance Transaction Monitoring solution.
Other software assets will be released this quarter, including our cutting-edge software for managing supplier integrity and compliance, and extensions to our data products with API connectivity software and applications that allow our datasets to be accessed by software like Salesforce.
Our software assets are supported by our significant data assets, which, again, the Firm has proudly developed and own. These data assets include hundreds of thousands of due diligence reports on private companies in emerging markets.
Our IntegraCheck® Database (or ICD for short) is a huge volume of information that showcases the last ten years of our work in 180 countries. ICD is managed across a large database structure and kept up to date through our research teams and in some cases automatically. It is the jewel in our crown, so to speak. We are very proud of ICD and it will create renewed revenue streams for the Firm in years to come. Something else we are very proud of is our IntegraWatch® | Compliance Screening database. This database consists of millions of companies and people involved in compliance issues within 30 key risk areas and across 180 countries.
Managed and updated daily by a dedicated team of over 50 people, the IntegraWatch® database is not just a list of government-produced information; it is a database of information, guidance and analysis on the key risks of the companies and individuals within it.'' Scott Lane, Chairman & CEO