Cash point software firm's losses narrow

I-Design, the Scots firm whose software is used in the ATM networks of major banks, trimmed its losses in its latest financial year, after clinching a string of contracts around the world.

Pre-tax losses fell by 13.5 per cent to 962,403 in the year to 30 September on revenues down 8.6 per cent to 2.17 million.

Revenues were 38 per cent higher in the second half that in the first, thanks to new contracts for I-design's software that allows banks to show advertisements on their cash machine screens.

The firm, which is poised to move its offices from Fife to Dundee, also extended its existing contracts with Royal Bank of Scotland (which covers cash dispensers at Tesco's UK stores) and Eurobank EFG in Greece. These deals helped I-design to deliver results ahead of market expectations, it said.

Jim Faulds, the advertising veteran who chairs the firm, which was co-founded by chief executive Ana Stewart, said: "After a challenging first half, we closed the financial year having made significant progress in the ongoing development of the business."