Stilo swings to loss

18th Mar 2010 13:05

Shares in Stilo dropped after the software firm swung to a loss in what it called a 'challenging' year.The loss before tax came to £379,000 in the twelve month period ended 31 December compared with a profit of £333,000 last time. Sales revenues decreased by 33% to £2.01m."The general economic outlook remains uncertain, and accordingly the Board anticipates modest sales growth in 2010," said chairman Barry Welck."However, we have reduced our ongoing cost base significantly while continuing to invest in the development of new products and are now in a position to focus upon improving profitability through the sales of recently announced software and online services.""Early market indications provide us with guarded optimism that business opportunities are beginning to pick up again, and given our leading technology and specialist expertise, we are well placed to address them," he added.