LONDON (ShareCast) - Half year turnover tumbled and pre-tax losses grew by £1m at automatic number plate recognition systems company Appian Technology, as expected.

The loss before tax for the six months ended 31 March 2008 widened to £1.47m from £476,024 at the same time last year on turnover down to £2.04m from £3.51m.

Bosses reckon that with the exception £260,000, business in hand of £5.4m generated this year will be delivered and reflected in the final figures.

Today’s numbers follow a “challenging” second half of the year ended 30 September 2007 as orders were delayed and the acquisition of Genesis increased the firm’s cost base.

It said contract wins, sales orders received in the year so far and cost reductions will not be reflected in the profit and loss account until the full year results.

“With a record period for order intake and pipeline, steady gross margin and the implementation of an aggressive cost cutting programme whose major benefits will be seen during the remainder of this financial year and next, we believe that Appian has significant future potential in this emerging market,” said the group.

The company's value soared last month as it announced three new contract wins worth a total of £402,000.

• News Channel