Conduco struggles to win new business
MANCHESTER-based software development firm Conduco continued to lose money in the six months to September 30, 2010 as it struggled to bring in new business.
The company, which was previously known as Smart Identity, has developed a software package that allows organisations to track equipment via RFID chips. It had some initial success in trials with NHS trusts, but has been unable to make headway into the market.
It declared a pre-tax loss of £32,770 on sales which were 16% lower at £142,151. Net assets also reduced to £742,961 (2009: £853,700).
In a statement, the company’s chairman Scott Fletcher said that Conduco “has had a tough trading year, highlighted by the inability to secure any new contracts during this period.”
It also announced that the results of its strategic review, which it embarked upon last August to weight up future options for the business, will be completed within the next few days.
Fletcher is also chairman of ANS plc. Both businesses are listed on the PLUS market and are based at Manchester Science Park.
