Electronics analysis software supplier Flomerics has announced disappointing 2003 results, as a weak US dollar and a dearth of new customer signings reversed previous revenue growth. Profits fell £180,000 to £455,000 on a £1.5m drop in turnover to £11.7m. But chief executive David Tatchell claims the future is now looking a little brighter. The company's main customers are electronics groups (such as Siemens, Intel and Nokia), which use its software to predict and then regulate the levels of electromagnetic and heat radiation emitted by new devices. What is most encouraging is that, because of the importance of this analysis process, Flomerics' customers continue to renew their annual licences - a phenomenon that has enabled the company to remain profitable throughout an immensely tough period for the majority of software companies. With several new products either recently launched or poised for release, Flomerics appears well positioned to pick up from an anticipated upswing in IT spending over the coming years. With around £2.5m in the bank as of December and strong links in the increasingly important Far East electronics market already developed, the shares do not look overly expensive at current levels.