News blog
IT&e
- BY: Andrew Hore |
- POSTED: 31/08/2007 |
Banking and risk assessment software provider IT&e had a much better second half but many of contracts were signed too late to contribute significantly.
Second half revenues were more than twice the level in the first half. However, they dipped from A$15.4m to A$11.8m in the year to June 2007. The loss increased from A$600,000 to A$5.7m.
Contracted revenues for this year already stand at A$12.8m compared with last year’s turnover of A$11.8m. There is also a pipeline of potential orders, where IT&e is on the shortlist, of A$25.3m.
IT&e lost A$5.7m last year and that loss should fall this year based on current orders and contracted income. Management says that there should be a couple of new contracts announced in the next three months. IT&e announces contracts when they are signed and it receives part of the revenues at that point. So if it announces new contracts in the next few months then they will contribute to the first half.
The recent credit problems in the US could provide further impetus for banks and financial institutions to invest in the type of software that IT&e supplies.
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