Trintech shed more than a third of its value yesterday as it brought in full-year results below analysts' expectations.

Stock in the billing and encryption software developer fell to record lows on the Neuer Markt, falling well below the company's initial public offering price of €5.50 (£4.33).

It closed at €4.30, a fall of almost 36 per cent on the day.

At that level, the stock has fallen 94.6 per cent from its peak at the height of the technology bubble last year, when it was trading at €79.50. On Nasdaq, Trintech closed at $3.69, down $2.19 or 37.23 per cent on the day.

Traders said shares were being dumped after sales and net profit figures for the year, ending January 31st, disappointed. "Full-year sales came in at $49 million ($54 million), but the market was betting on $53 million," one German trader said. "Net loss widened to $32.57 million, bigger than the $27.9 million the market was anticipating."

Sales and marketing costs almost doubled to more than $16 million. Operating expenses in total more than doubled to $61.3 million from $27.15 a year earlier. Analysts said the market was also disappointed by lower than expected fourth-quarter revenues of $15.5 million and wider than expected net income losses of $15.1 million.

Trintech reported total revenues of over $30 million for the fiscal year to the end of January.

Mr Paul Phelan, technology analyst with Davy Stockbrokers, said the results were "disappointing" and represented a "pretty bleak day for them".

"We expected the company to generate more revenue and lose less than it has," he said. The results show a charge of more than $6 million for amortisation of technology, goodwill and other intangible assets from three acquisitions during the fourth quarter - Sursoft, Exceptis Technologies and Globeset. Mr Cyril McGuire, chief executive of Trintech, said it was a difficult environment and Trintech was not immune from what was happening in the US.

However, he said the firm was still on target for profitability in the fourth quarter this year. He said the company would take the necessary time to "bed-in" the recent acquisitions.

The firm was still in a position to benefit from buying opportunities, he added. He said the share price reflected the weakness in the TMT sector.