Patsystems cuts costs, narrows losses

Patsystems cuts costs, narrows losses

Patsystems, a supplier of software for trading on electronic derivatives exchanges, is reaping the benefits of a cost-cutting programme which has helped narrow second quarter and half-yearly losses.

By mid-day, Patsystems shares were up 14.7% to 9.75p as it reported a net quarterly loss of £2.4 million, down from £2.9 million the previous year. Operating losses for the half-year are also down to £3.9m from £6.2m in 2001 - a 37% decrease over the same period last year. Half year turnover stands at £3.6m, 62% higher than last year.

The company, which earlier this week appointed a new chief executive officer, reduced operating costs by £650,000 in the quarter and has scrapped an employee share plan to save £300,000 a year.

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