Sweden-based direct access technology firm Orc Software raised first quarter revenues by two per cent to Skr65 million, but recorded a 26% drop in operating income to Skr14 million over the year ago period due to higher personnel costs and the cessation of internal projects.
The vendor says the quarter was marked by recovery and optimism, with the US shift to electronic trading gathering pace and a re-awakening of the Asian tigers.
The company says its recently-established office in Chicago has started to generate revenues and will be the subject of future investment.
The vendor recorded no new license sales for its Orc Liquidator product - released to hedge funds in November last year - while eight new client sites in the US, UK, Australia and Canada were cancelled out by an equivalent number of losses, mostly from the Nordic markets. Three more cancellations were received in the quarter.
Despite the implicit recovery, the short-term outlook remains cautious, says the vendor, with long lead-times continuing to drag on results.