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).

The firm, which now has its main offices in Dallas, said earnings before interest, taxes, depreciation and amortization (EBTIA) of $1.6 million (€1.27million) over the 12 months to the end of January.

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 year-ago period.

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.

Software licencing 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 to 66 per cent from 67 per cent. As of January 31st the company had cash balances of $18.7 million.