Software specialist Adamind doubled 2005 revenues to $6.2 million (£3.65 million) and cut losses from $3.9 million to $1.3 million.

California-based Adamind, the product of merging the transcoding business units of Philips Electronics and Emblaze, provides media adaptation software for the multi-media messages and mobile content services markets. The company, which raised £15 million at 132p before its AIM float in February last year, says it has consolidated its position as world leader in these markets.

During 2005, Adamind increased its proportion of direct sales, established 'a major footprint' in the USA with Verizon Wireless and Universal and made 'significant inroads' into the Asia-Pacific market. The company broadened its strategic partnership with the Ericcsson group to include video content adaptation and support for 'Digital Rights Management’.

Operating losses eased nearly 30 per cent to $2.7 million. But a turnaround in financial income from an $80,000 loss to a £1.3 million profit, helped by the placing proceeds, increased the ultimate loss reduction.

Looking ahead, Adamind speaks of a 'rapidly expanding market' for mobile content and cites industry estimates of threefold growth by 2009 in the worldwide messaging market alone to £17 billion. At 130p, up 3.5p this morning but still below their float price, the shares value the company at £51.5 million.

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