Con­struc­tion tech firm Zutec builds on Nas­daq IPO with 20pc sales hike

Sunday Independent (Ireland) - Business & Appointments - - FRONT PAGE - Fearghal O’connor

DUN Laoghaire-based Zutec Hold­ings posted strong sales and earn­ings growth in its first set of results since its Nas­daq IPO in March.

In a fil­ing with Nas­daq, the Ir­ish con­struc­tion soft­ware group re­ported strong growth in turnover and earn­ings for the Jan­uary to March quar­ter and said it was on tar­get to in­crease year-on-year sales in its fi­nan­cial year end­ing June 30 by 42pc.

Zutec listed on the Nas­daq First North mar­ket in Stockholm, rais­ing €5m in new eq­uity from mainly Nordic in­sti­tu­tional and pri­vate in­vestors.

Zutec CEO Brendan O’ri­or­dan said it was a very pos­i­tive third quar­ter, with new clients such as Cairn Homes and Ethos En­gi­neer­ing in Ireland, Quin­tain and Mcalpine in the UK and sig­nif­i­cant project wins in Aus­tralia from ma­jor con­struc­tion com­pa­nies such as Lendlease and Mir­vac.

He said the pos­i­tive results were largely down to the Ir­ish and Aus­tralian mar­kets, but it has es­tab­lished strong po­ten­tial busi­ness in the US con­struc­tion mar­ket and is also look­ing to ex­pand into the Cana­dian mar­ket.

Sales in the quar­ter of €960,000 were 20pc higher than forecast, with con­firmed sales for Zutec’s fi­nan­cial year of €3.45m and con­tracted sales to 2021 in ex­cess of €6.2m.

Zutec is plan­ing to im­ple­ment a new ap­proach to sales, said O’ri­or­dan. “His­tor­i­cally we have fo­cused on large projects and clients but we now be­lieve that the more in­di­vid­u­als we have us­ing our soft­ware the eas­ier it will be to win large con­tracts with the added ben­e­fit of much higher rev­enues from in­creased user num­bers,” he said.

“Over the past 12 months in Ireland we have been work­ing with small de­sign and con­struc­tion firms to pro­vide so­lu­tions for their busi­ness and we now in­tend to roll out this lo­cally proved sales model in all our sales chan­nels around the world.”

Third quar­ter ‘pos­i­tive’, says Brendan O’ri­or­dan

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