EasyScreen eyes profits

THE growth in bond market volumes and derivatives trading of equity markets should accelerate EasyScreen, the software provider for financial markets and exchanges, to profitability sooner rather than later, it has indicated.

EasyScreen reported a 64% leap in revenues during its second quarter on the back of its contract to power Cantor Fitzgerald's eSpeed bond market platform.

Chairman Phil Docker said the eSpeed deal and a joint venture with the world's biggest derivatives trader Refco will provide it with significant future revenue gains.

The jump in three-month income to £ 773,000 more than halved second-quarter losses to £949,000 and brought down losses in the half year by 45% to the end of September to £2.1m. Last month it raised £2m from a secured convertible bond with eSpeed just as EasyScreen, which had been burning cash at a rate of £315,000 a month, was due to run out of money.

That new cash plus a £10m line of credit will be enough to see it through to profitability, said Docker.