20 October 2017
Register now

Intelligent Environments cuts expenses, narrows losses for 2002

09 May 2003  |  2581 views  |  0 Intelligent Environments cuts expenses, narrows losses for 2002

A 45% reduction in operating expenses helped UK online financial services software vendor Intelligent Environments to narrow annual losses for 2002, despite recording a 14% drop in revenue compared to the previous year.

In its preliminary results statement for the 12 months ended 31 December 2002, iE has reported a pre-tax loss of £2.9 million, down from £7 million in 2001. Operating expenses were reduced by 45% from the previous year as the company shut down its US business and cut 38 jobs from the payroll.

Group revenues for 2002 are down 14% from previous year - due primarily to withdrawal from US market - at £2.7 million. European revenues are up 11% compared to 2001, at £2.6 million. Support and maintenance revenues are up 46% at £0.9 million

The vendor, which raised £2.2 million in March 2002 and a further £0.2 million in December 2002, ended the year with a cash float of £.05 million, up from £0.3 million in 2001.

R&D expenditure for 2002 came in at £0.9 million as the company upgraded its core banking software products to Microsoft's .NET platform and built and launched a .NET Converter toolkit for its Application Manager product.

Clive Richards, chairman, comments: "We are optimistic of completing the financial recovery of the group. The cost base is now below £3 million on an annual basis and we believe that achieving our targets of profitability and remaining cash positive are realistic."

He says the company does not anticipate any major recovery in software investment in the next 12 months, despite a "significant pick up" in orders in the first four months of 2003.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

iE and LogicaCMG partner for online card venture

iE and LogicaCMG partner for online card venture

07 May 2003  |  2771 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.fivedegrees.nlvisit www.capgemini.com

Top topics

Most viewed Most shared
satelliteGates Foundation backs Ripple collaboratio...
8403 views comments | 13 tweets | 10 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
8215 views comments | 21 tweets | 26 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7374 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
6756 views comments | 10 tweets | 21 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
6414 views comments | 14 tweets | 23 linkedin

Featured job

New York, NY - USA (some flexibility on location)

Find your next job