Trading technology firm EasyScreen has narrowed third quarter losses for the period ending December 2003, but reported a drop in turnover compared to the same period a year ealier.
EasyScreen's unaudited results for the quarter show total recognised losses of £670,870 (2002 - £750,698), an improvement of 11% over the comparable quarter in the previous year and six per cent up on the previous quarter ended 30 September 2003.
Q3 turnover was down £584,709 from £631,636 in the comparable quarter which included solutions sales of £100,000. Sequential revenues were up four per cent, primarily due to new UK EasyXchange (datacentre) revenues.
Since the period end Fortis Clearing London has contracted for exchange connectivity, trading screen and risk management software from EasyXchange, a deal which is expected to lift revenues going forward.
The company has also begun the European roll-out of Refco Pro, the ASP-based direct access system marketed via joint venture operation Refco Easy Solutions.
EasyScreen currently has a cash balance of £1 million and monthly cash burn of £0.2 million, though this is expected to improve as aniticipated sales are signed and data centre revenue comes through.
The group has already concluded one placing during Q3 and another since the period end, raising £1.67 million before expenses.