Interregnum, the IT advisory and investment firm, has been badly hit by the IT downturn, reporting a slump in profits to just £16,000 (€25,000) in its full-year results to the end of June, compared with £145,000 last year.

Ken Olisa, Interregnum's chairman and chief executive, said he was nonetheless pleased with the company's progress. Interregnum increased turnover by 2%, while the value of its investments rose by 27% to £14.5m.