Intelligent Environments makes progress on stalled contracts

Intelligent Environments makes progress on stalled contracts

UK retail banking software house Intelligent Environments says it has commenced work on two out of three delayed projects that contributed to a ten per cent fall off in revenues last year.

In its annual results statment in January, iE posted widening losses of £03 million as three contracts due for closure in 2004 slipped into 2005.

In a statement, the group says: "Both of the projects secured are new, high profile initiatives in the retail financial services market. Both contracts offer iE the opportunity to expand its product offerings and therefore the size of its potential market place."

The vendor says these contracts coupled with the order backlog at the beginning of this year, equate to a 25% increase in firm orders compared with the same point last year.

IE shares, which had recently sunk to a new low of four pence, were lifted slightly by the news, gaining six per cent from the overnight close of 4.13 to stand at 4.38 pence.

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