Finzsoft doubles profit in 2011 financial year, reverses 2009 loss

Focus on Australia and HCL partnership boost results

Financial services provider Finzsoft has reported an after-tax profit of $545,000 for the financial year ended March 31, a 101 percent increase on last year. In a report released to the NZX yesterday, Finzsoft announced a $545,151 post-tax profit, compared with $271,558 last year. The result is a substantial turnaround from two years ago, when the company recorded a $750,000 loss.

The commentary on the 2011 results states: "This was achieved by refocusing the company on our core competence following the restructuring and realignment of operating costs made last year. "This financial improvement, and a good cash position, enabled a dividend to be paid to shareholders in November 2010.

The Australian market represents a substantial proportion of our total revenue. "We continue to attract and secure new business in this market, most notably with market leaders such as Harvey Norman and Westpac Bank. "We are also actively exploring new international market opportunities and have recently announced the appointment of a Regional Manager for Asia, Alan Blair, who is based in Singapore. "The opening of a Singapore branch office will allow us to build our relationship with HCL and to develop and expand our Sovereign product offering in South East Asia and India." Finzsoft signed a major deal with Indian giant HCL last year. "In the US market, we have a joint venture partnership with NetFinance Solutions, Inc. (NFS), which is showing good signs of success. NFS provide a bureau service offering for SME financial institutions in the US and Canada. It is expected that the NFS bureau service will experience significant growth in these large international markets. "Despite the weak market conditions over the last three years, Finzsoft has continued to invest in developing the next generation of our Sovereign banking and finance software solution."

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