Cash-rich banking software group Financial Objects disappointed with its first-half figures to 30 June, even though they were in line with previous guidance. The group lost £1.1m pre-tax (£937,000 profit) on lower sales of £6.8m (£8.7m). Chairman Roger Foster says difficult market conditions are likely to continue throughout the second half and 'there is no indication yet of when the banking software market will improve'. The first half was characterised by rising pressure on software pricing and delayed purchasing decisions. On a positive note, the group made good progress with its new technology business, ActiveBank. By the end of July, 4 new licenses had been signed, compared with just 2 in the whole of 2001. Most of the revenue on these contracts has yet to be recognised. The shares slipped another 4p to 42.5p on the figures. They have traded between 52-week peaks and troughs of 101p and 35p. But the firm is looking to return around £6m of its surplus cash to shareholders through a tender offer. The 42.5p shares represent good value.