Trintech revenues up 9 per cent

Revenues at Irish technology firm Trintech rose 9 per cent during the first half of 2010.

The company, which has its main office in Dallas, Texas, today announced revenues of $17.6 million for the first six-months of the year, compared to $16.1 million for the same period a year earlier.

Trintech said adjusted Ebitda (earnings before interest, tax, depreciation and amortisation) net income totalled $2.5 million, up 17 per cent on the first-half of 2009. Net income from continuing operations was $1.5 million.

The company said it generated $28.9 million cash during the six month period under review, as against $312,000 for the same period in the prior year.

It also increased its cash balances to $48.9 million at the end of July which includes $26.6 million in proceeds from the sale of its healthcare division Concuity for $34.5 million in cash.

Gross margin from continuing operations amounted to $13.1 million, versus $11.9 million for the first-half of 2009.

Trintech said its increased R&D expenditure by 16 per cent compared to the same period a year earlier.

The company also announced its second quarter results this morning. Revenues were up 9 per cent during the three-month period to $9.1 million, while adjusted Ebitda net income totalled $1.5 million and net income from continuing operations, $1 million.

Gross margin from continuing operations amounted to $6.9 million in the second quarter, representing 75 per cent of revenues. This compares to $6.3 million and 75 per cent in revenues for the same period a year earlier.

"Trintech continues to deliver robust growth across all key financial metrics. This success will continue to be underpinned by the on-going need for corporate organisations to strengthen their governance platforms as they rebuild after the economic downturn," said the company's president Paul Byrne.

"In addition, the ever-increasing scope of corporate and financial regulation underpins Trintech's strategic focus on helping organisations to plan for and deal with this burden," he added.