Following its June flotation on London’s Alternative Investment Market, Intelligent Environments Group Plc said it would be another year before the group achieved substantial revenue growth, and warned of large net losses for the full year. Revenue for the six months to June 30 remained flat at 2m British pounds but the firm crept into the black at 35,000 pounds after a 3,000 pound loss last time. The Sunbury-on-Thames, UK-based developer of AM, a software tool designed to enable programmers to develop complex business applications using its proprietary Hyperlogic language, said it had made major progress during the period. Business is split evenly between Europe and North America. Initial contracts for trial applications of Amazon, the group’s Internet-intranet Web development product that launched during the half, have been signed. They include Tesco Stores Ltd, Honda Manufacturing Ltd and Air Express International Information Systems in the UK, plus the US Air Force. And although it may once have been a firm OS/2 advocator, more recently Intelligent Environments has switched allegiances. Revenue from OS/2-related products has fallen sharply and the group has directed its attentions towards converting existing users of AM for OS/2 to the AM Windows client-server product for personal computers that run Windows NT. The company said overall short-term revenue growth will depend on revenues from NT-related products. Cash balances at the halfway stage were at a health y 6.7m pounds, 5.6m pounds of which derived from the flotation. Intelligent said the funds should enable the group to increase revenues within both the client-server and Internet-intranet markets, but share price has remained disappointing. From an initial flotation price of 94 pence, which put a market capitalization of 21m pounds on the firm, shares were down at 70 pence yesterday.
