Derivatives trading systems house Easyscreen is reporting a 24% reduction in operating losses to £956,589 for the second quarter, against £1.3 million in the previous quarter. Turnover was up 64% on the previous quarter whilst costs were maintained.
The rise in turnover has been attributed to an ongoing licensing contract with eSpeed, which delivered its first material revenues in late October. The company is currently working to test and roll out the Cantor Exchange connection, enabling eSpeed and EasyScreen to offer cash bonds and futures on the same screen.
Easyscreen is also pointing to the Refco EasySolutions joint venture as a potent source of further income. The first trading screens for Refco client trading on global derivatives exchanges are expected to be delivered in December and the group expects the venture to move into profitability in 2002.
Easyscreen chairman Philip Docker believes the second quarter results "mark a pivotal point in the development of the fortunes of the group".