25 By March 2000 Radio Spectrum International had successfully tendered for four projects (in Russia, Greece, Egypt and India) and were at an advanced stage in negotiations for three contracts in the Gulf States. These primarily involve the provision of advice on a consultancy basis. Income has not so far been sufficient to cover the high initial start up costs for this new venture. The International Business Division of Radio Spectrum International incurred accumulated losses of £141,000 by January 2000 compared with projections by the Agency and CMG of pre-tax profits of £110,000. The Agency hoped that provision of consultancy services would lead to the sale of their systems. The original business plan forecasted at least one sale of the existing IT systems by the end of 1999 and this is where most profits would have arisen. No systems have as yet been sold. It has become clear that because much of the existing Agency software is designed to meet United Kingdom regulatory requirements its marketability internationally is limited. The Agency told us that Radio Spectrum International now has the capability to develop bespoke software for international customers and to evaluate systems in development for wider international use.