Intelligent Environments, a UK-based vendor of retail banking software, has cut annual pre-tax losses to £0.2 million for the year-ending December 2003 from £2.9 million in 2002.
The improved performance reflected a 30% increase in revenue to £3.5 million and a 34% reduction in operating expenses.
The company, which reported a significant contract win with UK bank HBOS in the year, posted a 55% rise in license income for 2003. Consultancy revenues increased by 38%, while support maintenance revenues rose eight per cent.
Much of the reduction in expenses came from a 28% cut in staff numbers from 54 to 39, saving £2.4 million.
In January, iE raised a further £0.6 million net of expenses through a share placing.
This, coupled with a £0.3 million borrowing facility, "provides extra reassurance to potential customers regarding our long-term viability", says iE chairman Clive Richards.
Looking ahead, he forecasts an easing in trading conditions as banks are forced to update ageing Internet banking platforms to cope with increased usage.