Secure payments company Trintech today reported that revenue for the first quarter was $17 million compared with $8.8 million for the corresponding quarter last year - an increase of 93%.
The company said the growth in revenue resulted from continued solid demand for Trintech's secure payment infrastructure solutions.
Paul Phelan, of Davy's Stockbrokers, said the company had showed good revenue performance. He said people would have to go back six quarters to see such a rapid growth in revenues.
Mr Phelan said the market would take some comfort from the figures which showed that Trintech's recent acquisitions were now starting to show a contribution.
First quarter software licence revenue rose to $7.6 million, an increase of 83% over first quarter licence revenue last year of $4.1 million. Product revenue increased 47% to $6.0 million for the quarter.
Sales and marketing costs grew 50% on last year and R and D costs by 48%. Phelan said costs had come in higher than his expectations, with restructuring charges hitting the bottom line.
'The market is still struggling to put a fair value on Trintech,' said Phelan. 'I believe it is worth more than the current market value, and have a short term price target of $4.'
Cyril McGuire, Executive Chairman, said Trintech was well able to perform in the current economic environment.
'Our first quarter licence revenue growth, despite continuing demanding economic conditions, reflects this commitment to execution as we move forward on our path to profitability. We continue to press ahead with our organic growth and acquisition integration, focussed on delivering flexible solutions, which show real financial returns and cost reductions in our customers' businesses' he said.
Trintech shares were up six cents to 3.21 euro on the Neuer Markt today.
