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News : Irish Last Updated: Apr 24, 2009 - 5:31:05 PM

Trintech reports fourth quarter loss - second leading Irish-owned tech company to report loss
By Finfacts Team
Feb 27, 2008 - 2:49:08 PM

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Irish payments software company Trintech has reported a net loss of just over $700,000 for its fourth quarter to the end of January.

The other leading Irish owned company Iona Technology reported a loss in the fourth quarter of 2007. Full details

Revenue of $8.9m was 19% ahead of the same quarter last year, resulting in an increase of 28% to $32.9m for the full financial year.

In the fourth quarter, Trintech reduced its spending on research and development by 17% to $1.2m, but increased spending on sales and marketing by 60% to $2.7m.

Trintech's gross margin fell because of the inclusion of its healthcare business acquired last year.

Its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in Q4 were just under $600,000, compared with $65,000 a year earlier.

Cyril McGuire, Chairman & Chief Executive Officersaid, “Trintech’s quarter and year end performance was solid with good underlying growth and EBITDA earnings being achieved in Q4. As part of our growth strategy for fiscal year 2009, we intend to continue to invest in new innovative software products for our global customer base and expand our market reach into new markets to position Trintech for strong EBITDA earnings growth. Following our recent acquisition of Movaris, Inc., we have a strong strategic and competitive position in the growing market for financial governance, risk and compliance solutions targeted at the office of the CFO.”

Paul Byrne, President, added, “In returning to EBITDA profitability in Q4, we have started to achieve a return on the increased investment in sales and marketing programs we initiated last year. We believe that these investment programs, combined with the Movaris acquisition, will enable us to continue to drive revenue growth in the current fiscal year and consequently to grow EBITDA profitability also. The acquisition of Movaris broadens our product suite for financial governance solutions and gives us the opportunity to cross-sell the acquired products to our existing 500+ customers as well as create significant additional opportunities for new business growth”.

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