News blog
IT&e
- BY: Andrew Hore |
- POSTED: 27/02/2008 |
Financial software provider IT&e has substantially increased its first half revenues and cut its loss.
The banking and risk assessment software provider, which is also quoted on the ASX, more than doubled its revenues to A$8.09m in the six months to December 2007, although this is a similar level to the second half of the last financial year. The interim loss fell from A$4.85m to A$597,000, after one-off costs of A$650,000. That sharp fall in the loss was partly due to the higher proportion of software sales. Annual overheads have also been reduced by A$440,000.
Cash flow was not so good. There was a cash outflow from operation s of A$2.93m. Higher debtors and accruals account for most of the outflow. Net cash is A$875,000.
The company already has A$7.6m of committed revenues it expects to recognise in the second half. That is almost as much as the turnover in the second half of 2006-07. Management believes that it can secure additional sales in the second half. Its Razor risk management software is shortlisted for four projects. There will also be further benefits from the cost savings.
The shares held steady at 3.5p, which is not far off their all-time low.
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