Technology development firm Technis International has reported its results for the year to 31st December 2009, which show pre-tax losses narrowing by 32% to £849,560. As in 2008, no revenues were recorded and the loss per share was 1.87p, down from 6.78p in the previous year, although this is mainly due to the greater number of shares in issue, at 45.46 million, from 18.64 million in 2008. No dividend was declared. £480,000 was raised during the year to fund working capital and product development and this amount is expected to last until September 2010.

During the period the company’s Transcribe voice-to-text product was substantially completed. Technis said it hopes to announce the first commercial deal for the product shortly. It added that losses for the year were in line with expectations, as is current trading, and said that it would be looking to make acquisitions in the mobile, telecoms and software sectors. Due diligence is being carried out on several companies which have been identified as possible candidates.

At a mid-price of 6.5p, Technis is capitalised at £3.7 million. However, with no products yet on the market and, as such, no revenues the firm still has everything to prove. Avoid for now