LONDON (Alliance News) - Stilo International PLC on Wednesday said profit fell in the first-half of 2018 hurt by the expiry of a three-year customer contract for Stilo's cloud-service Migrate.
The software company said pretax profit fell to GBP51,000 in the six months to the end of June from GBP147,000 reported for the same period in 2017, as revenue declined to GBP707,000 from GBP910,000.
"Our total revenue for the period decreased significantly, principally due to the expiry of a three-year customer contract for Migrate," said Chairman David Ashman.
Migrate is a collaborative portal used by technical teams to convert documents into XML content.
During the period, Stilo said it focused on the cost-reduction initiatives, which led to the reduction in research & development expenses to GBP271,000 from GBP290,000. Operating costs were also lower year-on-year at GBP657,000 compared to GBP759,000.
Stilo declared an interim dividend of 0.06 pence per share, up from 0.05p paid the year before.
The stock was trading 5.4% lower on Wednesday at 2.36 pence per share.
