Software provider Acturis recorded its first positive monthly cash flow in July, nine months ahead of schedule, according to co-chief executive Theo Duchen.
The positive result comes despite registering nearly £3.5m in losses up to September 2003, exactly one year since it went live.
Duchen said: "We are very happy with our progress so far and so are our investors. The losses we have registered so far have all been planned for and we are ahead of target."
Duchen claimed that the software provider was nearing critical mass and would not be going to its backer Ned Corp to ask for more funding.
He said: "Now we have had a positive cash flow we expect to stay positive. We are in pretty good shape."
Acturis's balance sheet as of 30 September 2003 showed that although the company was carrying losses of nearly £10m it still had over £2m in the bank.