Finzsoft Solutions Annual Results
for the year ended 31st March 2010
The Directors of Finzsoft Solutions Ltd report on the results of the Group for the year ended 31st March 2010.
The effects of the global financial crisis which continued from the previous financial year meant that there was a both a continuing reluctance on the part of many of our clients to invest in the development of their operating platform and a reluctance for new clients to invest in our platform. The revenue for the group of $7.227 million was 9% down on the previous period of $7.915 million reflecting this reluctance of our clients or new clients to spend on CAPEX items.
However in the last quarter of the 2010 financial year there has been a noticeable trend of clients starting to reinvest in CAPEX items and this trend is continuing into the current financial year.
During the 2010 financial year we appointed a new CEO, Mark Sewell. Mr Sewell completed a restructuring of the Group and a realignment of operating costs to meet anticipated revenue. The benefit of those changes has been a significant factor in the positive second six months and full year results. Finzsoft has recorded an after tax profit for the year of $271,558 compared to a loss last year of ($1,379,398).
Finzsoft continues to actively explore opportunities in the Australian market that represents 55% of our total revenue. We are also actively exploring new market opportunities and have this week announced execution of an agreement with NetFinance Solutions, Inc. for entry into the U.S. market with our cloud computing offering. Whilst in the early stages this new relationship has the potential to add significant value to Finzsoft.
Despite the weak market conditions over the last two financial years, Finzsoft has continued to invest in developing the next generation of our core Sovereign banking and finance software product.. The feedback from our existing and prospective clients on these ongoing developments has been positive which augers well for our sales opportunities into the future.
The Directors are confident that as a result of all these initiatives the Company will deliver future returns to shareholders. In considering the current financial results and requirements for future investment in our Sovereign product and new markets, the Directors have resolved not to pay a dividend to shareholders.
For more information on our activities, please refer to our web site http://www.finzsoft.com/
Finzsoft Solutions Limited
Contract - Don Hattaway 021 901 746
FINZSOFT SOLUTIONS LIMITED
Amended Results for announcement to the market
Reporting Period Full year report 31st March 2010
Previous Reporting Period 12 months to 31st March 2009
NZD Amount (000s) Percentage change
Revenue from ordinary activities $7,227 (9%)
Profit (loss) from ordinary activities after tax attributable to shareholders $272 120%
Net profit (loss) attributable to shareholders. $272 120%
Gross amount per share Imputed amount per share
Final dividend 0 cents 0 cents
Record date N/A
Dividend payment date N/A
Comments: Refer to the above for commentary from directors on the results to 31st March 2010
Dividends Paid Date Paid Cents per share (fully imputed)
Interim Dividend for the year ending 31 March 2010 N/A 0.0
Final Dividend for the year ending 31 March 2009 N/A 0.0
Current full year Previous corresponding full year
Dividend Yield 0% 0%
Tax adjusted Dividend Yield 0% 0%