UK trading technology outfit EasyScreen is in discussions with third party investors to raise £0.5 million to cover immediate short-term cash requirements after reporting an 18% decline in turnover to £5.5 million and net losses of £3.4 million for the year ending March 2003.
EasyScreen closed the year with £0.85 million cash in reserve and a quarterly cash burn of £0.2 million. In addition to the short-term funding requirement, the vendor says it intends to raise additional capital later in the year in an effort to keep the business afloat longer term.
EasyScreen's losses for the year narrowed marginally from £4.3 million the previous year as the group reported a seven per cent increase in recurring revenues to £2.1 million. The company says it expects its screen-dealing joint venture with US brokerage Refco to move to profitability in the near term.
Rival exchange trading vendor patsystems meanwhile has issued a brief AGM statement reporting that revenue growth and cash reserves remain on target at the half-year mark.