Software company Finzsoft Solutions said today a delay in concluding new finance contracts had impacted its year to March results.
The company said it expected its profit to come close to break-even position, and to generate revenues around levels seen in previous years.
The company -- which operates
the core business for finance institutions that lend money or take savings and deposits -- said it was continuing to invest in product development during the year.
Prospects were "better than ever at this same stage in previous years, with a number of international projects at an advanced stage of negotiation".
But the activities would impact on short-term profitability.
It was also investing in bringing its main product, Sovereign finance and banking software, up to recognised international status.
The company said a major project, operating automotive and leasing finance for St George Bank, had "greatly increased" its exposure in Australia.
Finzsoft was continuing to follow its plan of expansion without drawing on debt or new capital, due to its strong cash reserves.
In May last year Finzsoft reported a 73 per cent increase in annual profit before tax and amortisation to $1,242,799 , compared with $716,171 the year before.
Shares in Finzsoft last traded at $1.05, compared with a year low of 80c and a year high of $1.31.
- NZPA
