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:
o 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).
o Strong customer base supporting underlying licence and services revenue.
o 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.
o Continued profitability, no debt and positive cash flow.
o 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.
o 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)
End CA:00299156 For:FIN Type:INTERIM Time:2017-03-31 13:25:46