Jade profit down as global financial crisis bites

R&D spend on upcoming product maintained as conditions get harder

Jade Software Corporation has reported a pre-tax profit of $800,000 on turnover of $8.7 million for the year to December 31, down $4.3 million on the previous year’s result.

However, given the challenging conditions of 2009, managing director Craig Richardson says the result is a good one.

In a statement announcing the results, he is quoted as saying “In 2009, we won new customers in our target markets and expanded our logistics customer base into Italy, France and the Middle East.

“We secured one of the most prestigious law enforcement agencies in Europe with our market-leading data assembly and case management product Investigator, and Methodware ERA grew its customer base in the risk management market with well-known companies including Adobe, Suncorp and BDO Spicer North America.”

Jade chairman Ruth Richardson is quoted as saying the global financial crisis affected the result.

“Jade earns more than 65 per cent of its revenue offshore and saw licence and service revenue from its financial services and logistics products fall sharply from the third quarter.

“In addition, demand from Europe-based independent software developers contracted, and the company also incurred one-off restructuring expenses in the fourth quarter.”

Despite the fall in profit, research and development spending was maintained at 16 per cent of turnover, Craig Richardson says.

A significant component of the R&D spend was on JOOB, Jade’s upcoming new .Net-based data management product, which will be available in beta version in July, before a general release later in the year.

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Tags craig richardsonruth richardsonjade corporation

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