Jade signals downturn for 2009 financial year

Impact of financial crisis is being felt in key markets

By Randal Jackson, Computerworld, Wellington | Wednesday, 19 August 2009
Christchurch-based Jade Software's $1.77 million profit before tax for the half year to June 30 is up by 29 percent compared with the same period last year. However, the company is forecasting results for the full financial year to be down on 2008.

The company says its European logistics customers have reported up to 60 percent reduction in cargo movements and that, coupled with unprecedented conditions in banking, finance and insurance, is expected to be reflected in the full year results.

“Despite a good performance this half year, Jade is not immune to the adverse global conditions, and we expect the result for the full year will be down on 2008,” says chief executive Craig Richardson.
“That said, the company is well positioned to weather the economic downturn and to take advantage of the recovery in 2010."

Read more at Computerworld.