Jade Software has posted a 35% drop in annual profit, but that has not stopped it announcing plans to launch a new data management product later this year. The software company's ebit for 2009 dropped 79.1% to 40.8 million, while ebitda was down 35% to $7
Jade Software has posted a 35% drop in annual profit, but that has not stopped it announcing plans to launch a new data management product later this year.
The software company’s ebit for 2009 dropped 79.1% to 40.8 million, while ebitda was down 35% to $7.2 million.
Operating revenue fell 7.8% from $50.1m to $46.2m as the second half of the year saw the company hit by the full brunt of the global financial crisis impact as the company’s key markets were severely affected by the economic downturn, while the strength of the New Zealand dollar also impacted on earnings.
Chairman Ruth Richardson said Jade had no hope of escaping the impact of “one of the most hostile trading environments in generations”.
“Jade earns more than 65% of its revenue offshore and saw licence and service revenue from its financial services and logistics products fall sharply from the third quarter. These two segments constitute 40% of Jade’s revenue.
“In addition demand from Europe-based independent software developers contracted, and the company also incurred one-off restructuring expenses in the fourth quarter.”
Jade managing director Craig Richardson said the company had still managed to expand its customer base.
Craig Richardson says the Jade was continuing its transition to a new scalable, high-value business model and was preparing to launch its new data management product – named Joob – on the Microsoft .Net platform later this year.
“Our team have designed this product from the ground up with the emerging needs of application developers and the data storage requirements of today’s most demanding customers in mind.”
An early release of Joob will be made available to key partners in July, with the product launched globally in the fourth quarter of this year.
