Canadian query and reporting tools company, Andyne Computing Ltd, has suffered an interruption to its meteoric growth with fourth quarter revenues gaining just 14% on the prior year. Overall growth for the twelve months to September 30 reached an impressive 41% but according to chief executive A. Cameron Thompson, this is barely satisfactory and still leaves room for improvement. Fourth quarter net losses at the Kingston, Ontario-based company, after conversion into US dollars, were $219,000 down from losses last time of $1.9m on revenue up 14.8% at $4.3m. These results come shortly after Hummingbird Communications Ltd, a fellow Canadian networking software company, agreed to pay $60m for Andyne (CI No 3,270) in a stock based acquisition. The dramatic tail-off in growth rates will be a worry for Hummingbird, which intends to let its acquisition trade as a separate entity, but Andyne insisted the set-back was temporary and that new product releases would bring the company back up to speed. Hummingbird declined to comment on the slowdown.
