StockMarketWire.com - Online technology retailer eXpansys cut its half-year interim operating loss from £1m to £15,000, down from £2.3m in the previous six months to April.

The company said revenue was now steady at £20.4m for the six months to October, down from £25.3m in H1 2008 and 6% down on the previous half.

Pre-tax loss in the period was £24,000 against £1.1m a year ago.

Administration costs fell to £3.1m from £4.6m following a cost-cutting programme.

The company raised £1.92m via a placing with Virtual Phone Shop, controlled by Peter Jones, in June. Jones now has a 70.25% stake in the company.

Chairman Graham Dawber said, 'Now that the group's cost reduction programme has been completed, it is pleasing to see the improvement in the group's financial performance.

'While the board remains cautious on the outlook of the general economy, the group is well placed to benefit from any upturn in discretionary purchases.'

Story provided by Business Financial Newswire