Revenues at OM, the Swedish exchange operator and transaction technology developer, have continued to fall during the first quarter of 2003 despite a wide-ranging cost reduction programme.

OM said since it introduced a series of cost reduction measures in the second quarter of 2001, group operating expenses had fallen by more than Skr1bn (€109m) on an annual basis. Further reorganisation that took place in the first quarter 2003 is expected to yield savings of Skr60m.