Shares in electronic payments firm Trintech surged 6 per cent yesterday after results showed its revenue doubled in the first quarter of 2001. But the Dublin-based firm's share price, which has been savaged in recent months, fell back later and closed down 3.17 per cent at #3.05 on the Neuer Markt.
Trintech reported a 93 per cent increase in revenues to $17 million (#20 million) for the first quarter of 2001. The company said strong growth in software licence revenue, which increased 83 per cent to $7.6 million, showed solid demand for secure payments infrastructure. Mr Cyril McGuire, executive chairman of Trintech, said licence revenue growth reflected Trintech's commitment to financial execution.
Net loss for the quarter was some $18.33 million, corresponding to 30 US cents per American Depository Share.
The results show Trintech took a once-off restructuring charge of $2.5 million in the quarter to cover staff reductions and costs. Earlier this year, Trintech said it would cut five per cent of its workforce, without affecting Irish jobs.
Mr Paul Phelan, technology analyst with Davy Stockbrokers, said overall it was a reasonable set of results which illustrated progress towards breakeven.
