By NZPA
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Thursday 13th June 2002 |
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The company listed in December 2000 and acquired Systems Support Group Ltd in April last year. SSG develops finance and banking software.
SSG revenues for the year were $3.4 million compared with revenues of $3.3 million the previous year before the acquisition by Finzsoft.
After absorbing higher compliance and structural costs, plus the initial international expansion costs, SSG did well to incur only a small loss after taxation of $8222, Finzsoft said.
Following September 11 a cautious approach to spending was taken and accordingly a $1.4 million projected loss forecast at the start of the year was not incurred. The funds raised by the new capital market process, less the cost of that process, remain substantially intact, the company said.
After income from interest and expenditure, Finzsoft incurred a trading loss after taxation of $6731 and after amortisation of its software in line with accounting standards the bottom line loss was $268,348.
Despite this, Finzsoft said it was cash flow positive with cash and other current assets exceeding $1.3 million.
During this coming year, marketing activities both domestically and internationally will be stepped up.
The company is expecting its first international sales.
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