Trintech, which provides software to financial institutions, has reported net profits of $1.8m for its third quarter to the end of October. But almost all of the profit came from the sell-off of its payment software business to Verifone Holdings.
Trintech said revenue from its continuing businesses was up 26% to $6.7m, with software licence revenue up 39% to $4m and service revenue 10% higher at $2.7m. There was a small loss of $18,000 from these businesses, however, compared with a profit of $650,000 in the same period a year earlier.
Trintech said it almost doubled spending on research and development in the period, and this would continue to have a negative short-term impact on earnings for the next few quarters. It has also increased spending on sales and marketing for its financial software products.
CEO Cyril McGuire said Trintech planned to expand its core business 'aggressively' and would seek further acquisition opportunities in the US and Europe.
Meanwhile, Maurice Hickey will step down as chief financial officer in February to take up a position as managing director of snack food group Tayto Hunky Dory.
