BUSINESS is getting no better for IT security group nCipher, with the company unveiling a £4.8m interim operating loss and warning there was no sign of improvement in its key markets.
Revenues fell a further 16% to £2.8m in the second quarter but the deficit for the three months remained at £2.4m as nCipher cut its cashburn rate in response to declining demand.
Chief executive Alex van Someren said the company, which has £101m in cash, was studying several potential acquisitions, although no deal was imminent. He wanted to beat analysts' forecasts of a maiden profit in 2004-05, but current conditions meant this would be 'pretty tough'.