Jade Software's New Zealand operation has released its latest financial report detailing its finances as of 31st December 2022. The report shows that Jade Software's gross profit increased from NZD $5,598 in 2021 to NZD $6,587 in 2022, an increase in profit of roughly 17.6% year-over-year. Revenue for the company also grew, up from NZD $32k in 2021 to NZD $40k in 2022, an increase of 27%.
The company's profits before tax also saw a substantial increase from NZD $178 in 2021 to NZD $1,271 in 2022, a 614% increase year-on-year. This represents a sizeable increase in Jade Software's New Zealand sales over the past year.
The company's net cash flows from operating activities saw a large increase year-on-year, increasing from NZD $3,871 in 2021 to NZD $7,477 in 2022, an incredible 93% increase.
Another area of interest is Jade Software's Cash and Cash equivalents at the 31st of December 2022, which increased a 21% from NZD $5,007 in 2021 to NZD $6,069 in 2022.
Receipts from Customers also saw a sizeable increase from NZD $30,849 in 2021 to NZD $39,388 in 2022, an increase of 27.7%.
The audit of Jade Software New Zealand was performed by Ernst and Young Global.
This news comes after Jade Software's global finances showed that the company was able to slightly increase its revenue from $30.8 million in FY 2020 to $32.1 million in FY 2021.
Jade Software says in Q4 of 2021, the company signed on many longer-term customer contracts for JADE and digital development services and saw the continued success of Jade ThirdEye (JTE) in New Zealand, Australia, and the UK.
"We enter 2022 with a strong, de-risked order book, and line of sight to a significantly more profitable 2022," says the company.
"In 2021 we organised our teams around three lines of business: JADE, Digital, and JTE. This enabled a more focussed approach to our JADE and Digital customer value propositions, and the crystallisation of a delivery organisation to match this.
Jade Software says similarly, that while its JTE growth in target markets continued, it focused on de-risking the product, creating a new user interface and exiting the end-of-life Silverlight UI. The company also brought on new marketing, sales, and customer success talent in Australia and the UK.
Looking ahead, the company says modernisation is the theme for 2022.
"As we start 2022 we see our various growth strategies delivering a strong, relatively low risk pipeline of contracted work, from a diverse JADE and Digital Services customer base, with the potential for further growth to be had," says the company.
Jade ThirdEye is delivering new features to open up new markets coupled with strong recurring revenue growth plans, and JADE 2022 will be released in Q4 2022, as the company considers possible JADE growth strategies.
The company says its increased investment in its New Product Development framework and team in 2022, drawing on a pipeline of customer problems across Digital, JADE, and Jade ThirdEye. Jade Software says this is a significant step towards its mid-term strategy of creating a sustainable portfolio of new product offerings.
It is also looking to appoint a new commercial director role in 2022 who will report to the CEO.
Jade Software says finally, it will build on its cyber security strategy, which saw the company achieve ISO27001 accreditation for Jade ThirdEye in 2021. In 2022 it brings on board a new pan-organisation head of security role to lead the next step up in its capability, enhancing the confidence to operate it brings to various customers and their mission-critical applications.