22 Mar 2010

Software firm hit by downturn, stronger dollar

2:06 pm on 22 March 2010

Software firm Jade Corporation has reported a fall in its full-year profit.

The Christchurch-based company's gross earnings fell 35% to $7.2 million last year.

It says key markets felt the full effect of the global financial crisis in the second half of last year, while returns have been hit by a stronger New Zealand dollar.

Sales fell 8% to $46 million. Jade earns more than 65% of its revenue overseas.

Licence fees and service income from financial services and cargo software, which makes up 40% of sales, fell sharply from the third quarter.

Demand from Europe-based independent software developers contracted and the company says it also incurred one-off restructuring costs in the fourth quarter.

Jade is developing a new data management product that will be available later in the year. It is focusing on specialist markets - logistics, investigations, financial services and high performance technology.