Revenues up 44pc at Trintech


24 Nov 2004

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Irish e-payments leader Trintech has reported third-quarter revenues of US$15.1m, a 44pc increase on the previous year, and profits of US$434k. During the quarter the company repurchased some 67,720 shares under its share buy-back programme.

The third quarter for Trintech was marked by significant customer wins such as Shell selecing and deploying Trintech’s PayWare SmartPIN software solution and Smart 5000 PIN pads to enable smart card acceptance at its company-owned petrol stations in the UK and Ireland. Other significant wins included chip and PIN deals with Debenhams, HMV and the Greene King Pub Company. The company also reported considerable forays into the US banking market with selections of its ReconNet financial verification software by bodies such as the University of Pittsburgh and retailer Select Comfort.

Locally, the Irish state-owned transport company CIE selected Trintech’s PayWare Merchant to automate the processing of all tickets purchased by debit or credit card at unattended ticket vending machines.

Commenting on the quarter, Trintech CEO Cyril McGuire said it was a strong set of results with the company achieving healthy revenue growth and continued profitability. “Performance across product and license was ahead of expectations, with chip and PIN and treasury and cash-management solutions contributing strongly to the underlying growth. We are continuing to make investment in new products and key new markets to strengthen our customer franchise.”

Revenue for the nine months ended October 31, 2004 was US$40.7m compared with US$30.8m for the nine months ended October 31, 2003, an increase of 32pc. Third quarter revenue increased 44pc to US$15.1m compared with US$10.5m for the corresponding quarter last year.

Product revenue for the nine months ended October 31, 2004 increased 96pc to US$13.5m this year from US$6.9m last year. Q3 product revenue increased 122pc to US$5.6m compared with the corresponding quarter last year.

Software license revenue for the nine months ended October 31, 2004 remained flat at US$17.1m. Q3 software license revenue increased 9pc to US$6.2m from US$5.7m in the corresponding quarter last year.

Service revenue for the nine months ended October 31, 2004 increased 48pc to US$10.1m from $6.8m last year. Service revenue increased 45pc to US$3.3m this quarter compared with the corresponding quarter last year. The year on year increase includes post-acquisition revenues of the DataFlow Services business.

By John Kennedy