A telecoms company that made its stock market debut in July today vowed to cash in on the trend to move call centres abroad as it posted maiden results.

Spiritel, based in London, said it was setting up a new division that will handle connections from the UK to overseas call centres at a more competitive rate than existing suppliers.

It came as it unveiled losses of £790,000 on sales of £3.7 million for the eight months to October 31, in line with management expectations.

The group said overseas call centres initially saved money on wages, but it added: "The owners of call centres are beginning to look for new areas for cost savings."

Several large companies have shifted call centre operations overseas in the last year, many of them to India, in a bid to cut costs.

Spiritel, which is listed on the Alternative Investment Market, was formed through the reverse takeover of acquisition vehicle Roshni Investments, which joined AIM earlier in the year.

As well as its existing Expo Communications division, which offers fixed line to mobile calls, it has set up two new businesses.

Spiritel Technologies will offer services to small and medium businesses, while Spiritel Managed Networks will handle calls to and from overseas centres once up and running.

Spiritel said it had reached agreement with a major accountancy firm's call centre which would help it identify potential customers.

The group said Expo Communications performed well during the period, successfully absorbing price reductions brought in by Ofcom. It managed to renegotiate contracts with its suppliers because of its elastic buying price.

Its directors were confident its prospects were "unimpaired" by the Ofcom review.

Chairman Lord St John of Bletso said he was delighted with the progress made since the flotation.

He said: "We have successfully broadened the range of products and services that we offer, which, together with our focus on quality, gives us a strong platform for growth."

Shares lifted nearly 3% after the update, half a penny higher to 20.5p, but slightly lower than its flotation price.