Finzsoft anticipates $750K loss

Result significantly worse than last year

Financial software provider Finzsoft anticipates announcing a $750,000 loss for the financial year to March 31 when it releases its results shortly.

That’s more than double its loss for the 2007-08 financial year, of $330,000.

In a preliminary announcement to the NZX regarding the upcoming results, Finzsoft says: “Finzsoft advises that the difficult trading conditions in the banking and finance sector have had a flow-on effect on the company, although more recent trends provide greater confidence for the forthcoming year.”

The statement also notes: “During the year Finzsoft has invested in diversifying its income stream, the costs of which have impacted this year’s financial performance.

“Finzsoft has cash reserves and forecasts are for this to continue.”

The result is a different one from that predicted by chairman Don Hattaway in August last year, when he anticipated “a small profit”.

A number of finance companies which have struck difficulty recently – including Hanover, Dorchester and Strategic – are listed as clients on Finzsoft’s website.

Among its other customers are St George Bank in Australia, PGG Wrightson and Southern Cross Building Society.

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