Milestone Group PLC Share News (MSG)

LONDON (Alliance News) - AIM-listed digital media and technology company Milestone Group PLC Wednesday said its net loss more than doubled in its last financial year, as revenues slumped as it worked on on developing new projects that it hopes will drive growth in the future.

The company reported a net loss of GBP1.4 million for the year to September 30, 2013, compared with a loss of GBP586,741 a year earlier. Revenues declined to GBP152,373, from GBP776,391.

"2013 has been a challenging but rewarding period of product expansion and project growth. It has incorporated the final period of business repositioning and integration necessary to create the appropriate launch pad and platform needed for Milestone's future growth and development," Chief Executive and interim Chairman Deborah White said in a statement.

"We believe that the company has come through an extensive period of redevelopment from which new and sustainable revenues and growth can be delivered across each of our exciting projects," she added.

The company's key new project is its youth engagement and employment skills project Passion. It also signed a deal to use educational materials produced by Spirituality for Kids (International) Inc. in its primary schools programme.

It has also been developing business management software for the security, after spinning that application out of technology it is using for the Passion project. In October it got a paid pilot deal with UK-based security company STM for the software.

Additionally, it is expecting the Oil Productions team it acquired to develop technical capabilities for key projects, to start building a product range that will be capable of generating strong revenues and profits in its own right.

Milestone doesn't yet pay a dividend.

Milestone Group shares last traded at 0.625 pence.

By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1

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