Patsystems, the derivatives software specialist, has started to reap the rewards of cost cutting as losses for the second quarter shrank.

The company's net loss for the quarter was £2.4m (€3.7m), down from £2.9m a year earlier. Half-year turnover was up 62% from the previous year at £3.6m. There has also been a 126% increase in billable end-users, a turnaround for the company, which two years ago was selling screens as a loss in order to gain market share.