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Financial software firm Finzsoft Solutions has warned that uncertainty in the finance sector is continuing to hurt the company.
Directors are forecasting a loss of $250,000 to $350,000 after tax for the year to March, compared to a 2007 profit of $183,000.
To counter the downturn, Finzsoft said it had recently appointed a new managing director, reviewed its operations and increased its focus on its core product, the Sovereign finance and banking programme. It hopes to reposition the company for expansion next year.
"Despite this short-term impact on profitability, the company is well positioned for future growth with a strong cash position and no debt," the directors said.
In November, Finzsoft reported a September half net profit of $145,000, up 44 per cent. Revenue was $4.7 million, up 15 per cent on the previous period.
Finzsoft's shares last traded at $1.15, against a year low of 90c and a high of $1.28.
- NZPA
