International Technegroup Limited

The principal activity of the company continued to be that of development, marketing and sale of computer programs and related consultancy services, Business review Management can see opportunities arising from increased demand to automate engineering and design processes and facilitate remote working. The company has in recent years expanded into sectors such as plant design and manufacturing and this will allow the business to manage a potential decrease in demand from the aerospace sector. The acquisition of International TechneGroup Inc and its affiliates by Wipro Limited provides opportunities for expansion into areas such as augmented and virtual reality as well as additive manufacturing. These financial statements disclose the financial results of the company for the year ended 31 March 2022 . The results for the year report turnover amounting to £ 2.90m compared with turnover of £2 .14m for the year ended 31 March 2021 . During the year ended 31 March 2022 the operating loss amounted to £ 258k compared with an operating loss of £600k for the year ended 31 March 2021 . The company continues to see that the global markets that it operates in are volatile and expects that it will continue to see an improvement in the Aerospace sector. The company also expects to see increased interest in other business sectors e.g. Oil and Gas, and the focus will be on targeting the company's solutions to those areas. The directors expect growth in the underlying core business due to the further expansion and introduction of new product lines into new market sectors and expanding its partnership with key vendors in these markets. The directors also anticipate further growth as a consequence of the corporate acquisition by Wipro Limited with new opportunities for solution and services offerings via the Wipro customer base. However, considering the volatility, the directors currently remain cautious in the short term. The company's balance sheet has net assets of £ 288k ( 2021: £417k ) and cash resources of £ 737k ( 2021: £ 590k ) which continue to remain strong and the directors do not foresee any significant liquidity challenges . The directors do not recommend the payment of a dividend ( 2021 : £nil).