Finzsoft announces 2010 results

Financial services software maker FinzSoft’s released its results for the the year to March 31 on Friday, recording a 9 percent drop on last year.

In a statement to the NZ Stock Exchange, Finzsoft announced that revenue was $7.227 million, down from $7.915 million for the previous year.

Commentary on the results notes: “The effects of the financial crisis which continued from the previous financial year meant that there was both a continuing reluctance on the part of many of our clients to invest in the development of their operating platform and a reluctance to for new clients to invest in our platform.

“However, in the last quarter of the 2010 financial year there has been a noticeable trend of clients starting to invest in Capex items and this trend is continuing into the current financial year.”

The statement notes that Finzsoft continues to explore opportunities in the Australian market, which represents 55 percent of its total revenue.

Earlier this week, Finzsoft announced that it had entered the US market, signing a partnership with US firm NetFinance to resell Finzsoft software.

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