- Operating losses at Arcontech - a provider of enterprise level real-time software solutions to the investment banking and broking sectors - fell to £595,147 in the year to the end of June.

This was down from £817,855 in 2011.

Revenues rose to £1.5m from £1.3m and administrative costs fell to £2.0m from £2.1m.

Pre-tax losses narrowed to £586,391 from £804,721.

Chairman Richard Last said the group had achieved notable progress during the year and the business was now focused on the CityVision suite of software products with particular emphasis on Multi Vendor Contribution Systems, Excelerator, its real time Excel product, and CityVision Cache.

He added: "We believe that the opportunities for our products are at a level not previously experienced by the group.

"We do, however, have to convert these opportunities into sales. Whilst this has proved a little frustrating, with decision-making and proof of concept trials taking longer, we have secured new contracts of almost £1 million over three years.

"As at 30 June 2012 the contracted annual recurring licence fees amounted to £1,589,110 (2011: £1,538,216) representing approximately 76% of our annual costs (2011: 73%)."

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