Results Announcement for the first half of FY17

Posted by Default Admin on 31 March 2017

Market Release, Auckland, New Zealand

Finzsoft Solutions Limited (NZX:FIN) Reports Interim Financial Results for Half Year Ended 31 December 2016

CONTINUED STRONG MOMENTUM LEVERAGING LOCAL OPPORTUNITIES

Finzsoft is pleased to provide its half-year report for the 6 month period ended 31 December 2016 and announces its performance highlights for the half year ended 31 December 2016:

• Six month operating revenue of $10.38 million, which is consistent with the same six month period in the previous year (FY16 $10.37 million).
• Strong customer base supporting underlying licence and services revenue.
• EBITDA result of $3.3 million driven by timing of annual licence and initial licence fees from existing and new clients, and reduction in costs.
• Continued profitability, no debt and positive cash flow.
• Net profit after tax has increased to $1.9 million, up from $208,000 for the same period last year (6 month period ended 31 December 2015), again largely due to timing of annual licence and initial licence fees from existing and new clients, and reduction in costs.
• Continued investment in sales and marketing to leverage and convert the opportunities in Asean brought about by the Silverlake investment.

Finzsoft is pleased to report its half-yearly earnings to 31 December 2016, continuing the company’s strong performance with continued investment in the company to set it up for long term sustainable growth in New Zealand, Australia and the wider Asean region.

Finzsoft Managing Director, Andrew Holliday said the continued expansion into the credit union market is exciting and builds on Finzsoft’s strong history of working with New Zealand’s credit unions and building societies. The proven track record of Finzsoft’s core banking software, Sovereign, which will run First Credit Union’s operations from customer service in the front end to all of the bank end operations, was critical to Finzsoft being chosen as the new partner for First Credit Union and Westforce Credit Union.

Based on current contracted revenue, along with our pipeline opportunities for our financial year ending 30 June 2017, we will expect to see Finzsoft continuing to operate profitably with no debt and positive cash flow. We have ongoing delivery to our key client work orders both in Australia and New Zealand”.

Authorised for issue on the 31 March 2017
Brent Impey (Chairman) Andrew Holliday (Managing Director)

Download report