Senetas experiences net loss in FY13

Senetas experiences net loss in FY13

Remains optimistic in achieving a profit in FY14 mainly driven by SafeNet partnership

Network data encryption vendor, Senetas (ASX:SEN), has experienced a net loss after tax of $714,439 for the 2013 financial year ending June 30.

The loss included termination payouts of $659,460 on the back of restructuring its capital, board of directors and senior management team, and also clearly defining its business development strategy and focus.

Its non-profitable consulting operation was wound up and business intelligence practice was sold in October 2012. The sale of that business turned a profit of $161,668.

“The closure of these business segments enabled management to focus on growing and further developing the core certified data encryption technology business,” the company stated.

In a statement to the ASX, Senetas said the business was solidly profitable in the second half of the year as a result of a strong management performance.

[artnid:455608|In March, Senetas|]] inked a master distribution agreement with security specialist, SafeNet, which provides access to sales and customer support resources in the UK and Europe.

Achieving CAPS certification also made Senetas the only manufacturer to hold all three major international and independent government testing authority certifications. It has also been invited to apply for a NATO certification.

Senetas remains debt free with cash-on-hand of $4.09 million.

It said was confident it can achieve a profit in FY14, mainly driven by its SafeNet relationship and focus on new sales and marketing programs.

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Tags financial resultsSenetas

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