Turnover for the year fell to 1.8m - down from 2.3m a year ago - and operating losses rose to 1m from 480,210.

The firm said three quarters of the losses relate to discontinued, loss-making operations of 465,000, one-off reorganisation costs of 70,000 and non-cash charges for amortisation and depreciation of 233,000.

Intellego said its cost-cutting exercise will benefit the on-going business by 376,000 in a full year.

Intellego said that since the the start of the current financial year, sales were broadly in line with budget.

And it says that as the full benefit of the cost-cutting exercise begins to take effect, it is nearing profitable trading month-on-month and is slightly ahead of budget.

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