Supply chain

Timestrip, the developer of smart label technology, issued an upbeat results statement this morning despite reporting an increase in pre-tax losses.

The Hitchin-based firm, which develops labels that monitor how long food packaging has been open or in use, said pre-tax losses for the year to 31 December 2006 hit almost £1.5m, compared with £1.33m a year earlier.

However, turnover almost quadrupled to £378,975 as it completed product testing and started trials, while it still had more than £2.5m in cash at the end of last year.

Since the period for the results closed, Timestrip has also signed major partnership agreements with Plastek, CCL Label and Curver.

Joint chief executive Paul Freedman said Timestrip had achieved “some major milestones” and that the company had potential deals in place that could generate “significant ongoing revenues”.