Manaccom’s software and publishing distribution business has suffered a loss in the first half of the financial year.
The ASX-listed company (ASX:MNL) group CEO, Mike Veverka, attributed the $480,000 loss to its partnership changeover from distributing Trend Micro to McAfee.
“During the change over period, a drop in revenue was anticipated with an increased expected over the duration of the agreement,” Veverka said. “While industry reports show that McAfee market share has increased, it has not increased as fast as we would have liked.”
Veverka said the company was in the midst of forming an agreement on a new plan with McAfee to increase its market share.
However, the bulk of Manaccom’s growth is expected to come from its online lottery division. This earned $2.7 million in net profit. The company’s overall net profit was up by 12 per cent to $1.15m.
In November, Manaccom founder, Ian Mackay retired.
About two weeks later, James Mackay was made redundant.