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

Featured

Slideshows

Reseller News Platinum Club celebrates leading partners in 2019

Reseller News Platinum Club celebrates leading partners in 2019

The leading players of the New Zealand channel came together to celebrate a year of achievement at the annual Reseller News Platinum Club lunch in Auckland. Following the Reseller News Innovation Awards, Platinum Club provides a platform to showcase the top performing partners and start-ups of the past 12 months.

Reseller News Platinum Club celebrates leading partners in 2019
Reseller News hosts alumnae breakfast for Women in ICT Awards

Reseller News hosts alumnae breakfast for Women in ICT Awards

Reseller News hosted its second annual alumnae breakfast for the Women in ICT Awards in New Zealand, designed to showcase the leading female leaders in the industry. Held at The Cordis in Auckland, attendees came together to hear inspiring keynotes and panel discussions, alongside high-level networking among peers. Photos by Gino Demeer.

Reseller News hosts alumnae breakfast for Women in ICT Awards
Reseller News Innovation Awards 2019: meet the winners

Reseller News Innovation Awards 2019: meet the winners

Reseller News honoured the standout players of the New Zealand channel in front of more than 480 technology leaders in Auckland on 23 October, recognising the achievements of top partners, emerging entrants and innovative start-ups.

Reseller News Innovation Awards 2019: meet the winners
Show Comments