Menu
Finzsoft revenue falls 28% in first half

Finzsoft revenue falls 28% in first half

Variable revenues and one-off transaction costs cited as profit plunges.

Sales are down at Finzsoft and so is profit, the company reported to the NZX.

Sales are down at Finzsoft and so is profit, the company reported to the NZX.

Finance and banking software developer Finzsoft's operating revenue fell by 28.3 per cent to $7.44 million in the six months to 31 December.

In the same period of 2016 revenue, derived from annual licence, initial licence fees and professional services, was $10.4 million. 

The NZX-listed company reported a loss of $305,000, down from a profit of $2 million the previous year while EBITDA of $200,000 was down from $3.7 million.

Finzsoft's flagship product, Sovereign, is a core banking and front-end system targeted at banks, building societies, credit unions and finance companies.

Finzoft said the timing of revenues is variable and based on current contracted revenue, along with pipeline opportunities, the company expected to operate profitably with no debt and positive cash flow.

"Finzsoft continues to trade well and has invested heavily in new business models to support its leading position as the next generation Connected Core, digital and SaaS banking and financial institution software, and the expansion into Asean markets," Finzsoft said.

The period included non-recurring transaction related costs in excess of $500,000.

In December 2017, Finzsoft entered into a relationship with Datacom to create what it described as "a scalable and flexible model" to ensure that the business can continue to grow into new and existing markets.

That five-year, $20 million deal saw Datacom hire and take over the management of Finzsoft's professional services team.

Further investments into the sales and marketing have been made to take advantage of regional opportunities.


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags Financial ServicesDatacombankingfinzsoftNZXfintechresult

Events

Featured

Slideshows

Meet the Reseller News 30 Under 30 Tech Awards 2020 winners

Meet the Reseller News 30 Under 30 Tech Awards 2020 winners

This year’s Reseller News 30 Under 30 Tech Awards were held as an integral part of the first entirely virtual Emerging Leaders​ forum, an annual event dedicated to identifying, educating and showcasing the New Zealand technology market’s rising stars. The 30 Under 30 Tech Awards 2020 recognised the outstanding achievements and business excellence of 30 talented individuals​, across both young leaders and those just starting out. In this slideshow, Reseller News honours this year's winners and captures their thoughts about how their ideas of leadership have changed over time.​

Meet the Reseller News 30 Under 30 Tech Awards 2020 winners
Reseller News Exchange Auckland: Beyond the myths — how partners can master cloud security

Reseller News Exchange Auckland: Beyond the myths — how partners can master cloud security

This exclusive Reseller News Exchange event in Auckland explored the challenges facing the partner community on the cloud security frontier, as well as market trends, customer priorities and how the channel can capitalise on the opportunities available. In association with Arrow, Bitdefender, Exclusive Networks, Fortinet and Palo Alto Networks. Photos by Gino Demeer.

Reseller News Exchange Auckland: Beyond the myths — how partners can master cloud security
Reseller News welcomes industry figures at 2020 Hall of Fame lunch

Reseller News welcomes industry figures at 2020 Hall of Fame lunch

Reseller News welcomed 2019 inductees - Leanne Buer, Ross Jenkins and Terry Dunn - to the fourth running of the Reseller News Hall of Fame lunch, held at the French Cafe in Auckland. The inductees discussed the changing face of the IT channel ecosystem in New Zealand and what it means to be a Reseller News Hall of Fame inductee. Photos by Gino Demeer.

Reseller News welcomes industry figures at 2020 Hall of Fame lunch
Show Comments