Computer games publisher Rage announced yesterday that full-year pretax losses had more than doubled to £17m but managing director Paul Finnegan said that the introduction of new consoles and games titles should bring a sales uplift by Christmas.

In the year to June 30 Rage saw pretax losses widen from £6.7m to £17m because of investment in new titles. Yesterday the stock fell 0.75p to 7p.

Shares in Rage have fallen sharply over the past year and investors are hoping for widespread consumer take-up of new consoles such as PlayStation 2, which was introduced earlier this year, and Microsoft's X-Box, due to reach British shops next spring.

Rage has been forced to battle through a period that has been difficult for the whole games industry. Like competi tor Eidos, it has asked for fresh funds to reinforce its balance sheet and raised £20m. Accounting and reporting policies have been changed and management has been shaken up.

Mr Finnegan said that Rage was well positioned to exploit the upturn in the sector when it came.

In the meantime, Rage would continue to seek to acquire exclusive licences from high-profile names to add to existing deals such as the one with England football captain David Beckham. The Beckham game should be in the shops for Christmas.

A further four games are due for release in the coming financial year.