Menu
Jade Software back in the black after split from ports software business

Jade Software back in the black after split from ports software business

Jade reports strong growth in digital services and expects positive trend to continue

Charlotte Walshe - CEO, Jade Software

Charlotte Walshe - CEO, Jade Software

Christchurch-based Jade Software Corporation returned to profit in 2017 after splitting in two mid year and expects that momentum to continue.

The business achieved an underlying profit for the year ended 31 December of $6.2 million, with $3.5 million profit achieved from continuing operations, while carrying restructuring costs of $2.7 million.

Revenue increased from $24.9 million to $33.1 million while expenditure also rose from $21.2 million to $27.7 million, which in turn delivered an improved gross profit of $5.4 million, up from $3.6 million.

Meanwhile, net profit was $1.4 million, up from a loss of $942,000 in 2016.

Jade split in two mid-year, separating from its port management software business, now called Jade Logistics, to create greater shareholder alignment and improve focus to each area of the business.

Delving deeper, 2017 revenue includes $5.9 million from the logistics business before separation while 2016 revenue included $12.2 million from the logistics business for the full year.

"Digital services saw strong growth over the last four years and this continued with 49 per cent growth in 2017 across Australia and New Zealand," the company's annual report stated.

"We have also had an opportunity to assist our customers to revitalise older core systems with excellent results, continued investment into our core products, and strengthened our offering in managed services."

The restructuring resulted in Jade Software now being almost entirely owned by long-term investor and customer Skipton Building Society.

"The outcome is that Jade Software Corporation now has an aligned shareholder, and a strong financial foundation," the company's annual report added.

"With the ability to focus on the remaining Jade Software business, the board and management team have created greater clarity on the shape and future direction of the business and are excited about the opportunities for the future."

Looking ahead, the company states that it is well positioned, with sustainable profitability and a sound financial base.

"This strength allows the business to have the confidence to take advantage of the digital growth opportunities available in Australia and New Zealand, and to pursue ongoing strategic opportunities with our global customers," the report added.

Jade Software's former managing director, David Lindsay, transferred to Jade Logistics as CEO as part of the split and the board subsequently hired former medical technology executive Charlotte Walshe as Jade Software's CEO.


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 annual reportJade SoftwareJade Master TerminalJade Logisticsfinancial statements

Featured

Slideshows

The making of an MSSP: a blueprint for growth in NZ

The making of an MSSP: a blueprint for growth in NZ

Partners are actively building out security practices and services to match, yet remain challenged by a lack of guidance in the market. This exclusive Reseller News Roundtable - in association with Sophos - assessed the making of an MSSP, outlining the blueprint for growth and how partners can differentiate in New Zealand.

The making of an MSSP: a blueprint for growth in NZ
Reseller News Platinum Club celebrates leading partners in 2018

Reseller News Platinum Club celebrates leading partners in 2018

The leading players of the New Zealand channel came together to celebrate a year of achievement at the inaugural 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, with more than ​​50 organisations in the spotlight.​​​

Reseller News Platinum Club celebrates leading partners in 2018
Meet the top performing HP partners in NZ

Meet the top performing HP partners in NZ

HP has honoured its leading partners in New Zealand during 2018, following 12 months of growth through the local channel. Unveiled during the fourth running of the ceremony in Auckland, the awards recognise and celebrate excellence, growth, consistency and engagement of standout Kiwi partners.

Meet the top performing HP partners in NZ
Show Comments