Mitre 10’s mega IT project sends it deeper into the red

It's a big project. (Image: Mitre 10)

Wed, 01 Nov 2023

Mitre 10 New Zealand sank deeper into the red in the June year as the escalating cost of upgrading its IT system put it at risk of breaching its banking covenants. The cooperative provides support to 84 hardware stores nationwide, and has been on a multi-year programme of replacing legacy technology systems across that network and its support centre. Since kicking off the Programme One upgrade in 2019, Mitre 10 has seen the cost of its software intangible assets double to $62.8 million from $31.1m on July 1, 2018.The cost of that upgr...

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