X-RAY technology specialists Bede plc yesterday said it had turned a corner, despite announcing a £2.4m loss.

The Durham company said it expected revenues to double by next year, with an anticipated $5bn growth in the semiconductor market.

In its interim results, Bede also announced plans to raise £850,000 of revenue with a placing of 2.8 million shares.

The company's first-half sales were down to £1m from £1.6m last year.

But chief executive Dr Neil Loxley said he was optimistic because year-to-date order book sales rose to £9.7m.

He said: "We are very much looking forward. Revenues will certainly increase as we catch up with the order backlog and we expect to record substantial growth in future reports."

Bede said the number of employees recruited would reach about 50 by the end of the year, boosting staff levels by a third.

The company has also made a number of high-profile appointments this year, including the promotion of sales director James Polasik to the dual role of chief operating officer and head of sales.

The company, which has yet to record a profit, suffered from a downturn in the global semiconductor market last year.

However, Dr Loxley said new markets in the Far East gave cause for hope for the company, which produces metrology tools for semiconductor manufacturers.

Dr Loxley said: "This is a record year for order books so far and we anticipate things will only get better.

"China is certainly an area of the world to watch, but we have also made inroads in Taiwan and Japan."

More than 90 per cent of Bede's products are exported..

Dr Loxley said: "At the moment, we represent $15 m of a global market worth about $5bn, so you can see that there is a huge potential revenue out there for us."