Fourth quarter revenues at payment software group Trintech were flat at $15.5m compared with the same quarter a year earlier.
The company had warned last week of lower than expected revenues in the three months to the end of January because of a 'worsening of market conditions'.
The company has also announced a management reshuffle, with executive chairman Cyril McGuire being appointed CEO and John McGuire becoming president.
Revenues for the year as a whole grew by 39% to $68.3m. Software licensing revenue dropped slightly to $6m compared with the previous Q4, though it grew by 47% to $30.2m for the fiscal year.
Operating expenses dropped by 22% in the fourth quarter compared with Q3, while Trintech had cash balances of $60.1m at year end. Net losses for the year rose slightly from $16.1m to $16.2m, but losses for the quarter fell to $2.7m from $6.3m a year earlier.
Cyril McGuire said the quarter was very challenging as customers continued to defer spending on IT.
