Coms tanks as it warns of substantial annual loss

25th Feb 2015 10:24

Cloud based telephony services provider Coms has warned it will report a substantial loss for the year to 31 January.The AIM group said that while the increase in revenue reported in the six months to 31 July continued in the second half of the year, gross margins will be lower than in the first half of the year.The group added that the restructuring process it had begun in the first six months of 2014 continued in the second half of the year but had so far failed to deliver results, with the expected re-alignment of costs yet to be achieved.In the wake of such a disappointing financial performance, the group has indicated it expects a full year loss of several million pounds and has indicated it will review its strategy, adding that it aimed to strengthen its executive management team.Meanwhile, Diana Dyer Bartlett has taken on the responsibilities of the finance function, pending the appointment of a finance director.Coms shares tanked 52.69% to 1.10p at 10:36 on Wednesday.