Trintech, a leading provider of financial software and services today, said that its results remain on track for the first quarter of the financial year.
The company, with operations in Dublin, the Netherlands, US and the UK, announced that revenue amounted to $7.4 million (€5.49) compared with $5.5 million (€4.08) in the first quarter of last year - representing a 33 per cent growth. Net losses for the first quarter stood at $1.4 million (€1.4 million).
The company's gross profit amounted to $4.8 million (€3.56 million) in the first quarter, representing 66 per cent of revenue, compared to $4.1 million (€3.04 million) and 75 per cent in the same period last year.
The fall in gross margin percentage was primarily due to lower margins from the healthcare business acquired by the company in the fourth quarter of fiscal 2007.
Chairman and Chief Executive Officer of Trintech, Cyril McGuire said, "Trintech's first quarter results remain on track as we transition the business to a software and transaction services business model.
"Our growth in the first quarter was fuelled by our continued investment in new innovative products and new growth markets as we expand the breadth of our product and services especially in the Financial Services and Healthcare markets."
The Chairman said that the primary goal of the company's management was to deliver a profitable EBITDA growth performance in the second half of fiscal 2008.