Raft looks ahead as first half losses widen

Raft looks ahead as first half losses widen

Risk management software vendor Raft International is reporting an improvement in market conditions, despite posting widening operating losses and lower turnover for the first six months ending April 2004.

Raft is reporting operating losses approaching £1 million on turnover of £3.2 million for H1 2004, versus a loss of £0.55 million and turnover of £4.18 million in the equivalent year ago period.

David Priestley, Raft CEO says the loss for the period has arisen largely in the first quarter of the year with the second quarter being broadly breakeven.

"We are now seeing a marked increase in client activity in terms of both interest and spending commitments," he says. "As a result, we expect to be able to announce further contract wins in the coming months."

The company is also reviewing its practice of not hedging against foreign currency fluctuations after taking a first half hit of £117,000 on the weakening dollar.

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