LONDON (ShareCast) - Appian Technology is going through its second fund raising in there months after delayed orders meant losses soared last year at the car number plate registration specialist.

The group has received interest for £480,000 out of a planned £1m convertible issue. This issue come just three months after it raised £1.39m at 4p per share through a placing.

Cash has tightened in February, Appian says, due to sale orders being received later than anticipated and a delay in supplier deliveries in January that are now ramping up faster than the its credit lines allow.

Losses jumped in 2007 to £3.1m from £83,000. Sales fell from £5.15m to £4.78m. Operating expenses were the main culprit, rising from £2.78m to £4.76m. These included full year's costs from Genesis of £894,000; an increase of £243,000 on R&D; an increase of £572,000 on sales and marketing; and an increase of £121,000 on continuing to strengthen the management.

"While the underlying business was strengthened, the second half of the last financial year was a difficult period for Appian, during which many anticipated orders were delayed by circumstances outside of our control or our customers," executive chairman Pat Ryan said.

The delayed orders from the second half of 2007 are now materialising, he added.

• News Channel