Operating losses for the year ended 29 February 2004 fell 56% to 896,000. The firm cut losses by raising 842,000 selling two freehold properties and reducing exceptional administrative charges by 76% to 191,000.

Sales for the year were 7.8m, a fall of 8%. The company said the fall was due to it discarding business that did not fit with its strategy.

The improvement in its figures helped raise its share price 12.3% to 3.38.

Chairman Warren Tayler said he was delighted that Alpha Retail and Greene King had signed three-year contracts for its DocuMarketing product this year.

He said the contracts provided a sustainable revenue base.