Computer-aided-design and -manufacture (CADCAM) software developer Delcam continues to make steady progress, interim figures to June revealing a 20% increase in pre-tax profits to £730,000 on £9m (£8.3m) of revenue. Impressively, the period witnessed sales growth in all territories except South America, a small increase being reported in the US despite the economic slowdown. Managing director Hugh Humphreys attributes this to Delcam's recent focus on sales and marketing while finance director Kulwant Singh comments that 'at a time of recession our software helps take the cost out of manufacturing'. One of the group's main priorities now is to develop its presence in France and Germany, markets Humphreys believes are slightly larger than the UK but to which sales are currently only around 20%. Possible acquisitions and mergers with competitors also remain on the cards although Singh says 'we are waiting for a deal that is right for shareholders'. With November and December (traditionally Delcam's busiest months) still to come, the duo appears more than comfortable with its broker's expectations. Williams de Broe is forecasting a £1.8m pre-tax profit for the year with EPS of 22p, putting the company on a modest forward p/e of 7.7.