MDIS is seeing the first fruits of its turnaround strategy and has reduced its interim pre-tax losses by half.
Last month, the company set up an emergency refinancing plan to save itself from insolvency. The scheme involved placing 260 million shares with an opening offer of 104.8 million shares at 26 pence.
In June it set up Glovia, a joint venture with Fujitsu to help finance Chess, MDIS? US-based manufacturing applications product.
The group posted loss of #3.9 million for the first six months of the year, compared to #9.2 million last year. Revenues for the first six months were #54.4 million in 1997, against #51.2 million for the same period last year.
The improvement was attributed to an increase in its public sector sales which reported operating profits of #3.1 million, compared to #800,000 last year.
Its corporate sector business also increased operating profits from #1.1 million to #1.8 million, while losses from its human resource systems improved by #300,000 to #3 million. Its Chess business also improved its losses to #3.4 million.
In a statement, MDIS said: ?The Glovia joint venture and placing will result in immediate net cash inflows of $15 million into Glovia, and #24.3 million into the group, and shareholders? funds will be increased by #31.6 million.?
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