Telecomputing Plc, under new management and no longer capitalising research and development costs, has reported a loss of UKP2,000 on turnover of UKP1.2 for the six months to March 31. It represents a substantial improvement on the same period last year when the company saw a loss of UKP311,000 on UKP1.3m turnover. A new board was appointed last November, and Telecomputing says that the extraordinary item of UKP127,000 is down to extensive reorganisation costs. The board of directors is now headed by Mike Whittaker of Singer & Friedlander, and the chairman says that cost cutting plus renewed emphasis on core business boosted performance during the second quarter to put the company back into operating profit. The one-for-three rights issue in March (CI No 1,395), has left Telecomputing with no debt and a sound cash position. The company acknowledges that TP, its core transaction processing product, has been starved of investment in the past. However, it believes that enough skills have been retained to revitalise that business, and the Unix version, TP+, should enable the company to exploit both European and worldwide opportunities in the fastest growing sector of the software industry. Results for the second half will depend on the timing of specific orders, but Telecomputing looks to return to substantial profits. The company is on the look-out for acquisitions, and says that it is currently investigating one possibility in detail.