FIN 2017 Annual Report

Posted by Default Admin on 11 October 2017

Key performance highlights include:

The Directors of Finzsoft Solutions are pleased to report on the Group’s performance for the 12 months ended 30 June 2017.

Key performance highlights include:

• EBITDA of $4.57 million is up on FY16 $1.83m (15 months to 30 June 2016)* driven by a reduction in costs and continuing annual/initial license fees from current and new clients.
• Operating revenue of $16.75 million is down on FY16 $21.86 million (FY16: 15 months to 30 June 2016)*.
• Solid customer base which supports underlying, recurring, license and services revenue.
• Positive cash flow, no debt and continued profitability from the half-year announcement. - Net profit after tax has increased to $2.5 million, up from FY16 $0.23m (15 months to 30 June 2016).

*The decrease in FY17 revenue from ordinary activities largely arises from the shortened accounting period being 12 months (FY16: 15 months).

Key operating highlights for 2017 include:

• Delivering on several significant projects including new core and full service banking installations, on time and on budget, to customers in New Zealand and Australia;
• Delivery on time and on budget of our Sovereign Core and Whole of Banking solution to First Credit Union and migration of over 200 million transactions relating to its excess of 63,000 members. Finzsoft now supports the daily banking requirements of over half of all New Zealander’s who bank with credit unions and building societies.
• Winning the contract to be the provider of our Sovereign Core and Whole of Banking Solution to Westforce Credit Union, leveraging strong knowledge in the credit unions market;
• New 5 year NBS Core and Whole of Banking deal signed. We are continuing to support NBS’s growth, with total assets now exceeding over NZ$600 million. See https://www.nbs.co.nz.
• New 5 year PFCU Core and Whole of Banking deal signed. We are continuing to support PFCU’s growth, with total assets now exceeding over NZ$100 million. See https://www.policecu.org.nz.
• Positive results for Sush Mobile over the last six months due to automation and streamlining of internal processes and right sizing the business to drive further efficiencies;
• Continued profitability driving positive cashflow and a debt-free position.

Finzsoft Managing Director, Andrew Holliday relocating to New Zealand has rationalised roles within the senior management team and streamlined decision making in the business.
Looking ahead, the offer by Finzsoft of a next generation open SaaS Core and Whole of Banking and Vertical solution to credit unions, building societies, mutuals, non-bank financial institutions and banks is an exciting next phase in Finzsoft’s story as acting as a proven and locally owned Fintech provider in the region over the past three decades.

FY18 and beyond will be an exciting year for Finzsoft as it looks to continue to bring to market new transformational SaaS and digital products and new service models.

Pleas click here for the Finzsoft Solutions Limited Annual Report for the year ended 30 June 2017.