Wellington, March 3 NZPA - The Jade group of companies has announced its half year operating revenue is up 31 percent.

The privately owned New Zealand-based information technology company, with offices in New Zealand, Australia, the United States, Canada and the United Kingdom, today said its total revenue increased 21 percent to $50.8 million, up from $42m in 2007, for the year ended December 31, 2008.

Earnings before interest, tax, depreciation & amortisation increased from $10.3m to $11.1m for the year, up 7.8 percent.

Cash flow from operations after expenses grew from $7.8m to $10.8m in 2008, up 37 percent. The company was well placed to weather a global financial storm with over $50m in revenue and a strong cash position, said chairwoman Ruth Richardson

"Over the past five years, Jade has generated $28.9m in cash from operations and raised a further $25m of new capital. These funds have been reinvested in product development, acquisitions and the repayment of substantial levels of debt.

With $15.5m of cash in hand and no debt due for repayment before July 2010, the company was well placed to advance its investment in software development and actively pursue a number of acquisitions of companies, she said.

In 2008 Jade secured a multi-year development contract with UK heath software and services company Ascribe PLC worth around $4m a year, an agreement with Indian partner CMC Limited to sell Jade's student management system throughout India, and winning a $2.5m contract with the Electricity Commission .

The company was also commissioned by Bombardier and GO Transit to develop the IT system that moves 170,000 commuters a day on seven lines in and out of Toronto, Canada.

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