Geac shrugs off the hard years and shows a profit

Geac New Zealand is back in the black after years of losses driven by the creation of its Windows-based Streamline enterprise management product.

Accounts for last year, just filed with the Companies Office, show a $1.1 million profit on income of $12 million, compared with a $930,872 loss on income of $12.4 million the previous year.

There was no spending on research and development, compared with almost $11 million spent over the previous three years developing Streamline.

Country manager Paul Mackenzie said development and customisation of Streamline continued to be done in New Zealand, but the cost was charged to Geac subsidiaries in other countries.