Finzsoft reports healthy trading profit

Software company Finzsoft Solutions today reported trading profit before tax and amortisation up 73 per cent to $1,242,799 in the year to March 31.

The result compares with $716,171 a year ago.

Turnover was up 12 per cent on the previous year, at $7,873,559, compared to $7,043,617 in 2005.

The company's main product is the Sovereign finance and banking software, which operates the core business for finance institutions that lend money or take savings and deposits.

Good growth continued in New Zealand, with the client base of larger non-bank finance institutions increasing during the year, Finzsoft said.

Overseas its major focus was Australia, where it had four operating clients. St George Bank equipment finance -- and soon its automotive finance -- was now live and was a substantial project.

The challenge of supplying a better solution to finance organisations was being constantly addressed, with the company coming up against international software products in its specialist field during marketing of Sovereign software, Finzsoft said.

Many New Zealand clients had grown substantially, requiring the equivalent growth by Finzsoft in structures and services to match those client needs.

The directors anticipated maintaining the company's growth rate in the current year, as investment in infrastructure, product, and people, results in increased revenues, Finzsoft said.

The cautious financial approach taken to date was believed to be in the best interest of the company and shareholders.

A final dividend of 2 cents per share, fully imputed, was payable on July 12 , making dividend payments of 3.5 cents per share for the full year.

Shares in Finzsoft, a member of the New Zealand stock exchange's SciTech Index launched yesterday, traded on Monday for $1.10, the highest value for the year. The year low was 68c in October.

- NZPA