Rapid Technology today announced its interim results for the six months to the end of December 2000. The group said that its turnover increased to £706,000 from £197,000 in the same period in 1999. In its trading statement, the company attributed this increase to the progress made in the commercial realisation of its technology.
In a statement, the company said that there was also a significant increase in the gross margins achieved on turnover to 51% - up from 1999's figure of 31%.
Operating costs for the six months were reduced by 3% to £1.059 million from £1.087 million in 1999, but interest payable on borrowings increased to £103,000 from £9,000 the previous year. Pre-tax losses were reduced slightly to £786,000.
Rapid said that - as expected - licence income had dropped as short term licensing arrangements entered into as part of the Screenkey acquisition had expired. It added that the Screenkey division was fully integrated and was now making a profitable contribution to the group's activities.
Rapid said that after a review, the board was now reorganising the structure of the business to meet the new challenges it now faced. This new structure will be announced in the near future.
The board is also committed to raising additional equity capital and is investigating several avenues open to it to raise additional funds.
