Financial software provider Trintech has reported a 26 per cent rise in revenue during the three months to the end of October .

Trintech sold its payments systems business Verifone during the quarter, but revenue from its continuing business reached $6.7 million (€5.17 million) in the third quarter, compared to $5.3 million a year earlier. Licence revenues of $4 million made up the majority of third-quarter sales, with service revenue generating the remaining $2.7 million.

The company reported a net profit of $1.8 million for the quarter, but this was mainly attributable to Verifone, and Trintech's continuing business sustained a net loss of $18,000.

Trintech's chief executive, Cyril McGuire, said the third-quarter results reflect "a solid performance in our core financial software business and the financial impact of the successful sale of our payment systems business."

The company will now focus on its transaction reconciliation software business, Mr McGuire said.

"We plan to expand this business aggressively through our investment in new products and markets and will continue to seek further acquisition opportunities in our target market, both in the US and in Europe," he commented.

During the third quarter, Trintech almost doubled its expenditure in research and development, focusing on enhancing its Fund Management System (FMS) software with a view to breaking into new markets.

Goodbody Stockbrokers commented yesterday that Trintech's third-quarter revenue exceeded expectations. However, it added that the company is still in a transition phase following the disposal of Verifone, and predicted that "evidence of success" may take several quarters.

Trintech also announced that chief financial officer Maurice Hickey will step down next February to become managing director of snack food group Tayto Hunky Dory.