Easyscreen acts to dampen cash burn as losses widen

Easyscreen acts to dampen cash burn as losses widen

Third quarter losses at derivatives trading software house Easyscreen widened to £2.14 million, against a loss of £1.4 million for the same period last year. Operating expenses for the quarter also rose by over £1.2 million over the comparable period, as the company expanded its geographic reach and product portfolio.

The UK-based software house, which has been hit by delays in rolling out its Internet and risk management products, says much of the work on the new product portfolio is complete and measures are in place to cut the current rate of cash burn. The company further says it is going through due diligence with a large US client which will result in a materially significant order.

Philip Docker, chairman of EasyScreen, comments: "Our revenues continue to increase whilst our overheads will be significantly reduced going forward. We are concentrating on selling and delivering our existing products to clients and we are receiving an increasing number of enquiries from Europe, America and Asia."

Turnover for the quarter to 31 December 2000 was £473,465 (1999 - £305,512), a 55% increase over the comparable quarter in the previous year, and an increase of £19,838 or 4% over the previous quarter to 30 September 2000.

Cumulative licenses sold at 31 December 2000 were 307 to 60 customers (1999 - 209 licenses to 48 customers) and have increased by 41 during the quarter with 4 additional customers, says the vendor.

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