Vialogy eyes global markets

Vialogy, which provides sensor technology used in the oil and gas industry, posted a bigger loss in the six months to 30 September, as the company took a £1.59m hit for amortisation and depreciation.Pre-tax losses grew to £3.37m from £2.80m over the same period the previous year as revenues rose to £57,031 from £11,266. The amortisation charges relate to the value of ViaLogy's intellectual property and associated research and development, which is amortised over a period of six years. The cash outflow from operations during the period was £1.84m.Vialogy said that, while it remains active in Texas, it also made progress in its strategy of penetrating global markets, with five global oil companies requesting presentations on the use of Vialogy's technology in the past 18 months. "At the time of writing, two of these household names are in discussions with us to use the technology in specific major projects," the company said. "We are confident that more business of this calibre will follow."Chief executive Robert Dean said: "Our current sales pipeline indicates that we are in a position to achieve a considerable growth on 2011 and we owe it to our technology and our investors to maximise this potential."