Crealogix, a Zurich-based supplier of banking software, slumped to a loss in the business year that ended in June as it changed the way it operates.
Crealogix had a loss of 6.3 million Swiss francs ($6.3 million) in the 12 months through June, the company said in a statement on Tuesday. Last year, the company had a profit of 0.7 million francs.
The loss came despite a 17 percent increase in sales (to 101.9 million francs) as the company accelerated the change to a rental model. The change of its business model also affect the current business year, while revenues are expected to increase further.
Crealogix will not pay a dividend because of its loss. Last year, the company had paid 0.25 francs per share.
The company expects the transformation to have a positive impact in the mid-term in form double-digit ebitda margins.
