Jade Software lifts with strong 2018 result

Jade Software lifts with strong 2018 result

Total sales and profits lift in year to 31 December 2018

Charlotte Walshe (Jade Software).

Charlotte Walshe (Jade Software).

New Zealand software pioneer Jade Software has reported a strong 2018 result with both sales and profits lifting strongly.

Sales increased from $33.1 million to $41 million in the year to 31 December while net profit lifted from $2.2 million to $7.1 million.

The result, which improved Jade's cash position was driven by performance across the business, chair Sue Suckling and CEO Charlotte Walshe reported in their joint report.

Several large projects in the UK  and "careful management of costs" also made a difference.

2019 strategy is built around three aims - growing the customer base and margins, developing excellence in processes and tools and aligning the business to 2021 - 2026 growth strategies.

Jade has been developing its AI expertise and capabilities as part of those changes.

Jade said it intended to grow and invest in both Australia and the UK in both services and anti-money laundering software while expanding in New Zealand into insurance and AI such as digital employees.

Total equity lifted from $9.5 million to $16.4 million while current assets increased from $12 million to $15.8 million.

In the late 1990s, Jade emerged as a leader in object oriented database development and built products around that for clients in Australasia and the UK. 

Its expansion plans stalled, however, and the company is now almost entirely owned by one of its major customers, the UK-based Skipton Building Society.

Jade also built software to help manage mixed cargo ports. That is now a separate, US-owned business called Jade Logistics.

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