Software group Torex bucked the gloom surrounding the hi-tech sector to produce a record 77 per cent surge in turnover.

Torex, based in Stonesfield, supplies the health and retail sectors with software.

But despite the gloom surrounding the tech industry - caused predominately by companies and consumers cutting back on IT spending - Torex unveiled details of what it termed a "record trading period".

Turnover for the six months to June 30 was £61.9m - a 77 per cent increase on the same period last year - while pre-tax profits were £3.9m, up on last year's figure of £1.8m. Torex chairman Chris Moore said: "I am delighted with these results. They are testament not just to our strategic positioning within a hugely buoyant health market but also to our ability to successfully manage our retail business."

Health contract wins during the first six months of the year included supplying NHS payroll software, worth £3.7m, and a contract renewal, worth £3m, with a consortium of ten hospitals in the North West.

Mr Moore said the retail division "had been largely shielded from the sector downturn" by a strategy of focusing on repeat and upgrade business from its existing client base, which includes Littlewoods, Phones4U and WH Smith.

Torex will now spend the rest of the year building up the group, particularly the health arm, through acquisitions.

Chief executive Mark Pearman said: "We have been looking and spending time finding the right deals and we hope to be in a position to bring some forward in the second half."

It is expected that the cost of acquisitions will be between £20m and £50m each, Mr Moore added.

Shares in Torex sparked just over 4 per cent, or 26p, at 652p in early trading.