- Arcontech posts pre-tax losses of £501,744 for the year to the end of June - down from £586,391 last time.

Operating losses fell to £508,871 from £595,147. The operating loss for the year before exceptional items was £347,877, a reduction of £247,270 compared to the previous year (2012: £595,147).

Revenues rose to £1.8m from £1.5m while administrative costs increased to £2.3m from £2.0m.

Chairman Richard Last said the group continued to make steady progress during the year and the business remains 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: "New contracts totalling £961,428 over three years were signed during the year with a number of international investment banks. Our sales prospects are becoming increasingly focused on contracts with customers serving multiple jurisdictions.

"Although the wider international footprint significantly increases sales opportunities, multi-location contracts can lengthen the sales process. Contract renewals during the year amounted to £1,463,000, again these generally cover a three year period."

At 8:33am: [LON:ARC] ARC Risk Management Group share price was +0.01p at 0.15p

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