Fronde reports reduced profit off lower revenue

Fronde Group has reported a half year profit before interest and tax of $0.71 million, down from $1.05 million in the same period of 2008.

For the six months ended 30 September 2009, revenues was $12.6 million, down from $15.7 million for the same period in 2008 (report pdf here).

"This reduced revenue and EBIT reflects the challenging trading conditions that we have experienced since October 2008, due in large part to the credit crunch and consequent reduction in spending by many of our clients," company chairman Wayne Norrie says.

Fronde continues to invest in its Fronde Anywhere mobile payments platform.

"In the 2009 annual report I flagged to shareholders that we anticipated a transaction involving Fronde Anywhere by September 2009. We were unable to secure a transaction on satisfactory terms and have withdrawn the business from the market.

"The business is emerging nicely into a healthy state and the emphasis today is on further building the sales pipeline and sustainable profitability. It is likely that we will seek outside investment to further fund development and global reach at some point in the future."

Read more at Computerworld.

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