Trintech will shed 5 per cent of its staff and shut some overseas offices as part of a cost cutting plan.

Mr Cyril McGuire, chief executive of the billing and encryption software developer, said yesterday none of the firm's Dublin operations would be affected by the restructuring.

He said up to 30 staff at Trintech's operations in Britain and the US would lose their jobs, and the company would close an office in London and one in the US.

Mr McGuire said these were immediate measures taken to offset duplication as a result of the four acquisitions that Trintech has made over the past few months.

The company has indicated that the plan will cost the firm an additional $2.5 million (#2.7 million) restructuring charge. This will be recorded in the firm's first-quarter results.

Details of the job cuts emerged as shares in Trintech plummeted to fresh lows following a third successive day of heavy selling on the Nasdaq and Neuer Markt stock exchanges.

Shares in Trintech slumped to a record low yesterday closing at $2.31 1/4, a loss of 21.28 per cent. The stock is now $73 off its year high and worth little more than its cash reserves of $105 million.

Mr Paul Phelan, technology analyst with Davy Stockbrokers, said Trintech's acquisitions had been the Achilles heel for the firm and had driven up costs.

"Revenue won't be as high as we had expected next quarter," he said. "It isn't going to look good at all."

This week, Prudential downgraded the stock from "accumulate" to "hold".

However, Mr McGuire said yesterday the stock had been oversold and it was business as usual at Trintech. "We are working to our plan and believe there has been an overreaction by the market."

Trintech's shares have slid dramatically since the company reported results below analysts' expectations on Tuesday.

The company reported full year sales of $49 million and a net loss of $32.57 million, bigger than the $27.9 million the market had been expecting.