Irish security software company Trintech has reported third quarter revenue growth of 24 per cent to $17.4 million. For the year to date, revenues have grown by 58 percent to $52.8 million.
Trintech’s chief executive, Mr John McGuire said that despite significant pressure on IT spending in the current economic slowdown, he was happy with the growth in revenue.
He added that Trintech was taking steps to reduce our operating costs which have already delivered significant annualised cost savings.
Trintech reported a decline of 11 per cent in operating expenses, compared to the second quarter.
Chief financial officer Mr Paul Byrne also focused on cost in his commentary. He said aggressive cost control together with cash reserves of $74 million will help ensure the long-term health of the business.
"In terms of cost and cash management, we are confident the efforts we are taking today will provide us with more competitive flexibility in responding to changing market conditions as we extend our leadership position in the payment space", Mr Byrne said.