Finance and banking software company Finzsoft managed a small rise in first half revenue but profit was down as clients were hit by the global financial crisis.
The company today posted a 1 per cent rise in revenue to $4.78 million for the six months to the endof September, compared to a year earlier. Net profit dropped 76 per cent to $36,000 from $145,000.
Finzsoft said that during a difficult period it had demonstrated it had a sustainable business model.
It had taken further steps to ensure costs were aligned to future revenue streams, with annualised employment costs cut by more than $1.5m.
Several of its clients in the banking and finance market had been directly affected by the global difficulties in the sector, Finzsoft said.
As a result, anticipated growth was not achieved. Expected new licence sales were deferred as banks and finance organisations reviewed their information technology strategies.
"Despite the current business environment Finzsoft is operating profitably and has opportunities to grow, albeit at a slower rate than considered ideal," chairman Don Hattaway and managing director Keith McLaughlin said.
"The key focus is on support and development for existing clients. However despite the state of the global markets there are potential sales and with our ongoing product development, we are well positioned to benefit from these opportunities."
Finzsoft is forecasting a small profit for the full year.
The company's shares last traded in October at 70c, having ranged between $1.15 and 68c in the past year.
