Trintech, the Irish-based payment systems software firm, lost €2.2 million in the 12 months ended January 31st, the company said yesterday.

New York-listed Trintech said that revenues for its ongoing businesses during that period were up 23 per cent to $25.8 million (€19.5 million) from $21 million the previous year.

Trintech said that the net loss incurred by its businesses during the 12-month period was $2.9 million, or just under €2.2 million. Its loss per American depositary share (ADS) for the period was 16 cent, compared with 10 cent in the 12 months ended January 31st, 2006. The company said that it had doubled spending on research and development to $4.9 million from $2.5 million, which had a "negative impact on earnings" and would continue to do so for at least the next six months.

Trintech sold its payment systems hardware business in August to California-based giant Verifone for €9.5 million. The company reported separate figures for that division yesterday and said that it lost $6.9 million from that operation during the period. This was largely down to trading losses, the expenses associated with ending the lease on an office in Dublin and general rationalisation costs.

Payment systems hardware was Trintech's original business, but the group struggled to make a profit from it as it did not have the size needed to make it viable.

At the time, chief executive Cyril McGuire said that it would concentrate on developing financial management software, a business from it was making a surplus. Earnings before interest, tax and write-offs from this operation came to $694,000 for the year.

In December, the company bought Chicago-based Concuity, which specialises in payment recovery software for the US health service for $9 million, including debt.

Commenting on the results yesterday, Mr McGuire said that they reflected a solid year-end performance.