IBM New Zealand's revenue falls 10 percent

IBM New Zealand's revenue falls 10 percent

Summary: Despite the sales drop, IBM's New Zealand branch lifted pre-tax profits by 3.5%

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TOPICS: New Zealand, IBM
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IBM New Zealand's sales declined by 10 percent in the year to 31 December 2013, accounts (pdf) filed with the Companies Office today reveal.

Revenue in 2013 was NZ$386.9 million, down from NZ$429.7 million. However, pre-tax profit rose 3.5 percent to NZ$56.5 million.

In an information release timed to coincide with the filing, IBM New Zealand Chief Financial Officer Lay Chin said IBM has a healthy business in New Zealand and the company is pleased with the profitable result. 

"We know the market is shifting in New Zealand. IBM is transforming its business and is remixing toward higher-value, more profitable markets and opportunities – like cloud, analytics, social and mobile," she said. 

"We are placing significant investment in developing and sourcing the best skills and capabilities in these areas that will drive growth and higher value for our business and for our clients."

IBM NZ highlighted successful projects including the implementation of a nationwide unified health information platform for the Ministry of Health to provide access to patient data and signing a five-year contract with Westpac bank to deliver application development and management services.

Topics: New Zealand, IBM

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