Infobank International, the business to business e-commerce software provider, yesterday announced that half-year pre-tax interim losses widened to almost £10m.

The loss for the period to June 30 was more than three times the £3.2m recorded last year.

As of June 30 Infobank said it still had £112m of the £122m in cash it netted from a fundraising in April sitting in the bank.

The results were distorted because of recent restructuring at the company.

Continuing operations generated revenues of £444,000, compared with £21,000 in the same period last year.

Analysts were unconcerned by the losses, which were in line with their expectations, particularly because Infobank had so much money in the bank. Infobank has invested heavily in new staff and offices around the world as part of its aim of becoming a global player.

In the past three months Infobank has won 18 customers, taking its total number to 37. Analysts said they were confident that the company could exceed its target of attaining 50 customers by the end of the year.

Graham Sadd, the company's chief executive officer, cautioned that "meaningful revenue" was unlikely to kick in before 2002.

Infobank's software helps companies, such as British Telecommunications and the government do business with their suppliers online.