OM Group, the Stockholm stock exchange operator and transaction technology developer, recorded an operating loss of Skr24m (€2.6m) on reduced revenues of Skr2.64bn for the year to December 31, 2002.

Per Larsson, chief executive and president of OM, said 2002 had been a difficult year, with weakening market demand in all of OM's markets. However, a cost reduction programme, which included the closure of Jiway, its electronic marketplace, led to an annual operating cost saving of Skr920m. Fourth quarter operating expenses, however, were up and included Skr75m relating to Jiway's closure, which will be completed this month.