UK software house Intelligent Environments has turned in its first profit since flotation in 1996, reporting an operating profit of £0.1 million for the six months to end-June 2003.
The company, a provider of e-business software to financial services firms, has reported a 32% rise in turnover to £1.9 million. Operating costs were 47% below the same period last year following staff cutbacks in 2002.
The results were boosted by a significant contract win with HBOS for an online credit card system and major upgrades to existing solutions at Royal Bank of Scotland, First Data Europe and Generali International.
Although only £0.1 million, the company's maiden profit represents a £2 million improvement on the comparable figure last year.
In R&D, Intelligent Environments intends to invest in a loans product and new analytical software for financial services marketing departments. However, with only £0.3 million in the bank, a short-term priority remains the conservation of cash.