Network Technology Plc, the UK-based manufacturer of network hardware and software is making an ambitious bid to grab a slice of the $16bn world storage market with systems based on CDs or DVDs. Its policy of writing off R&D expenditures as they occurred helped to push down net profits for the year to September 30 down 83.1% at 370,000 pounds. Its strength though, has been in print servers that account for around 80% of current revenues. With the majority of printer manufacturers based in Japan the company has been hit by the Asian problems and revenues for the last financial year dipped 8% to 18.2m pounds. Earnings per share are 1.03 pence down from 6.82 pence. It claims that its Ringdale system can cater for everyone from the small office to those with massive storage requirements. Network Technology acquired the patent for the system from a German company in September 1997 (CI No 3,248) and spent a year developing it into a product. It believes its push into the storage market will reduce its dependence on one line of products and is looking to other network connected products such as its NetAudio player to provide new sources of growth.
