Diligent finally released its accounts for 2013 and re-stated its accounts for the previous year after admitting its accounting systems were woefully inadequate.
The board papers software company says net profit for 2013 plunged 40 percent to $US6.4 million even as sales grew 66 percent to $US64.8 million.
Diligent says it has retained 97 percent of clients last year.
Craigs Investment Partners head of wealth research Mark Lister says Diligent shares rallied after the accounts were released.
Mr Lister says Diligent's 2013 accounts and the restatement of its 2012 accounts were in line with expectations.
He says at first glance Diligent's future looks good and the shares look reasonable value given that things did not change as much as some people may have expected.
Diligent shares jumped as much as 40 cents on Friday before closing at $4.85, up 15 cents.
Mr Lister says another positive sign in the results is that Diligent's cash on hand at the end of December jumped to $56 million, from just below $23 million the year earlier, giving it plenty of funding to grow.
