Trintech reports 20% rise in full-year revenues

IRISH TECHNOLOGY company Trintech has reported a 20 per cent rise in full-year revenues of $39.7 million (€31.5 million).

IRISH TECHNOLOGY company Trintech has reported a 20 per cent rise in full-year revenues of $39.7 million (€31.5 million).

The firm, which has its main offices in Dallas, Texas, generated earnings before interest, taxes, depreciation and amortisation (ebitda) of $1.6 million over the 12 months to the end of January last.

Research and development spending rose 24 per cent to $6.1 million, while administrative costs were 2 per cent lower at $9.7 million. Expenditure on sales and marketing grew to $1.9 million, an 11 per cent rise on the previous year.

Trintech chief executive Cyril McGuire said the results reflected a solid performance. “Despite the turbulent global economic environment, our business model provides good visibility with a high level of recurring revenue, amounting to over 60 per cent of annual revenues in the 2009 fiscal year,” he said.

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Software licensing revenues were up 18 per cent over the year to $19.6 million, although these dipped in the final quarter due to weaker sales in the US.

Service revenues rose by 23 per cent to $20.1 million.

The company also spent $252,000 on restructuring, mainly due to redundancies, as the company reduced its workforce.

Gross margin, amounting to $26.4 million, fell 1 percentage point to 66 per cent.

As of January 31st, the company had cash balances of $18.7 million.

David Labanyi

David Labanyi

David Labanyi is the Head of Audience with The Irish Times