Stilo International shares fall on 2014 profit decline

18th Mar 2015 13:57

Shares in Stilo International fell nearly 11% after the company posted a decrease in revenue and profits for 2014.The IT services group said a reduction in software orders along with the shelving of a major conversation project by a European customer dented full-year pre-tax takings.Revenues fell 16.1% to £1.26m while profits before tax declined 37.9% to £0.95m during the period.Giving details, Stilo said the fall in revenue was caused by an expected reduction in its OmniMark software licence sales. However, the impact was partially offset by an increase in sales of its cloud conversion service Migrate.Chairman David Ashman expressed disappointment with the results. However, he added that the initial release of their new XML authoring service Authorbridge, scheduled for the coming months, remains on track."We are very encouraged by the preliminary customer feedback that has so far been received," Ashman continued."We consider AuthorBridge as a potentially disruptive technology in the world of XML authoring and look forward to it making a significant contribution to our future financial performance."Shares in Stilo were down 10.53% to 2.12p on Wednesday at 14:19.