Irish electronic transactions group Alphyra has reported reduced pre-tax losses of just under €3 million for the first half of 2002.
This compares with losses of €6.4 million for its last reported interim period to the end of October 2001.
Turnover at its electronic transactions division was €19.8 million - marginally lower than in the previous six-month period to the end of December 2001.
Earnings before interest, tax, depreciation and amortisation (EBITDA) jumped by 50 per cent to just over €3 million, and operating losses were halved to €0.7 million.
In a statement this morning, the group also said operating losses in the core transaction business fell to €0.3 million.
Sales slipped to €23.7 million from €25.7 million in the six months to December 2001, but the company posted a higher EBITDA, up 50pc to €3.03 million, due to cost-cutting and restructuring measures.
Shares fell to a low of €1.40 earlier this year as the market reacted negatively to Alphyra's results, which included large write-offs on the sale of its telecoms and computers business, operating losses on continuing operations and disappointing growth in Britain.