Aquilo, the IT group, lost £721,000 last year on ordinary activities before tax. The result was an improvement on 2001, when it lost £2.4m. Its turnover fell to £2.5m from £2.7m the year before.

The group, which is traded on Ofex, undertook a restructuring and grew out of a merger between Accidentcare Group and Ecom Group.

During the year, it also appointed a new group finance director, managing director and operations manager for Accidentcare.

Chief executive Mike Eve said: "Increased pressure on the investment and insurance industries to be more cost effective will see them seeking alternative ways to operate and so give us an opportunity to increase revenues."