- Pre-tax losses at Arcontech fell to £804,721 in the year to the end of June - down from £913,073 last time.

Revenues increased to £1.3m from £1.1m and operating losses narrowed to £817,855 from £918,754.

After-tax losses fell to £672,038 from £913,073 and the firm had cash and cash equivalents at end of year of £841,204 compared with £1.6m a year ago.

Chairman Richard Last said while he was was pleased with recent progress the group did not quite achieve the level of sales we had hoped for, due primarily to the increasingly long sales cycles of the major investment banks.

He added: "The demand for AXE, the CfD and spread betting solution was disappointing and we have taken the decision to concentrate sales resource on our CityVision Vendor Contribution, including Excelerator, products for which the opportunities are proving exciting."

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