14th Mar 2019 10:48
LONDON (Alliance News) - Stilo International PLC on Thursday reported a slump in its annual profit after losing a significant portion of revenue from a "major customer".
Stilo shares dropped 21% to 2.25 pence each on Thursday morning.
Stilo develops software tools and cloud services helping organisations create and process content in XML format.
For 2018, the company posted pretax profit of GBP139,000 compared to GBP309,000 a year prior.
Revenue reduced to GBP1.5 million from GBP1.9 million a year ago, as OmniMark-related revenue from one major customer reduced significantly.
The company proposed a final dividend of 0.06p per share, taking its total annual payout to 0.12p per share.
Looking ahead, Stilo said that in the short term, it expects its growth to be "primarily driven" by sales of Migrate and OptimizeR solutions to new customers and will step up its sales, marketing and development efforts accordingly.
"2019 is going to be a challenging year for the company, with potential demand, as always, difficult to predict at the current time," Stilo said.
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