24 Apr 2012

Jade trims losses by Empower sale

1:25 pm on 24 April 2012

Jade Software has narrowed its full year loss after selling off its human resources and payroll firm, Empower HR.

The Christchurch-based software developer lost $96,000 in 2011, compared with a loss of $849,000 the previous year.

The company's annual report shows revenue fell 4% to $33.7 million due to the continuing global downturn.

Pre-tax earnings fell by more than a third to $2.4 million as it invested more in its products and key markets.

The bottom line was boosted by the sale of Empower for $8.5 million - of which $2 million was paid last year.