Trintech Q3 losses widen to US$1.2m

22 Nov 2007

Irish e-business technology player Trintech yesterday reported a 15pc increase in third-quarter revenues which rose to US$7.7m from US$6.7m a year ago.

However, the company revealed losses of US$1.2m compared with a profit last year and despite posting an increase in revenues.

The company also revealed that it reduced its R&D spend by US$100,000 to US$1.3m due to costs associated with the purchase of its healthcare business.

The company reported that its focus on financial governance, compliance and risk management is paying off with key wins such as Lafarge, which selected Trintech to automate its bank account reconciliation and reduce exposure to risk.

It also secured a deal with Delhaize Group to use Trintech’s AssureNET to shorten close cycles, reduce risk and eliminate paper-based evidence binders.

“Trintech’s performance remains on track to return the business to EBITDA profitability by the end of our current fiscal year, despite a challenging and competitive marketplace.

“We continue to launch new innovative products and expand our market reach to position Trintech for broader growth opportunities in 2008,” McGuire added.

By John Kennedy