By NZPA
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Tuesday 4th June 2002 |
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The result for the year ended March 31 compared with a net loss of $697,000 the previous year.
SOE directors said in a statement that the deficit was less than the $2.44 million forecast on listing, although it was in line with revised profit expectations in January.
Turnover of $13.7 million was up on the previous year's $9.4 million, but less than the $14.6 million forecast 18 months earlier.
Reasons for the disappointing result included: the later than expected finalising of some large contracts; investment in systems and software development; the omission of North American setup costs in financial projections; and lower than expected sales from Australia and Singapore.
In April, SOE was asked to explain a 31 cent drop in its share price, which it speculated was due to market concern it had not yet secured several large contracts.
SOE directors said today it continued to expand "vigorously" in the United Kingdom, which accounted for three quarters of the company's operations.
SOE's Exact software was sold to more than 350 sites in the UK during the March year, bringing Exact sites to 1000 in that market.
Annual UK sales topped $10.5 million, resulting in a surplus of $2.07 million excluding some expenses.
SOE has contracts in the Middle East and is accelerating its push into the North American market.
New Zealand sales were low due to the size and mature nature of the market, directors said.
However, SOE has centred all its accounting, financial and treasury functions in New Zealand, and staff numbers grew from 81 to 101, excluding the development team of 23.
SOE shares closed up 2c at $2.62.
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