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Date: Wednesday 03 Sep 2008

LONDON (ShareCast) - The economic downturn has hit real-time data capture systems designer Belgravium Technologies harder than the management expected.

Executive chairman John Kembery conceded that the company had suffered “a weak first half”, as profit before tax virtually disappeared, falling to £72,000 from £1m in the first half of 2007.

Revenue fell to £3.9m from £5.2m, with new business hard to come by, as potential customers postpone or abandon capital expenditure on new projects in the current weak economic environment.

The company said it regarded the reluctance of its target market to place new orders as a “deferment of orders rather than a cancellation.”

Kembery said the company maintained its market share in the first half with no loss of orders to competitors.

In the absence of the expected level of new orders the company is drawing comfort from the healthy recurring revenues from its service, licence and maintenance offerings.

The company has not proposed an interim dividend this year.

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