Raft International, the risk and wealth management solutions developer, has reported a £1.1m (€1.8m) loss before taxes for the six months to April 30.

The loss reflects the poor trading conditions in the investment banking sector, which resulted in a £1.6m shortfall in the company's revenues. Turnover for the period was £3.4m, down from £5m for the same period last year. Fully diluted losses per ordinary 5p share were £1.75, compared with £0.12 the previous year.