Self-styled 'people performance technology group' AdVal unveiled encouraging interim figures to September, though the numbers were pegged back by a subdued second quarter. Pre-tax losses were slashed from £2.46m to £393,000 on turnover up 4% to £2.5m, and chairman Dennis Quilter reported an order book of £2.5m and a pick up in tender activity from September. Quilter also said publishing division KeyKnowledge and its Testline unit were in profit, and AdVal has seen good referral business from clients like the Royal Bank of Scotland, The College of Law and the Department for Work and Pensions. However though the first quarter was profitable on £1.6m of revenues, the traditionally subdued next quarter fell behind budget on delayed contracts as customers grew cautious. For the full year, analysts predict a small £200,000 profit and earnings of 0.7p a share.