LONDON (Alliance News) - Stilo International PLC Wednesday reported a drop in sales and earnings before interest, tax, depreciation and amortisation in 2014, due to a reduction in orders for a software product and the suspension of a major conversion project by one of its customers.
Sales fell to GBP1.26 million in the year ended December 31, from GBP1.5 million in 2013, while earnings before interest, tax, depreciation and amortisation dropped to GBP108,000 from GBP238,000. Pretax profit declined to GBP95,000 from GBP153,000.
"We are disappointed to report that our sales revenues and profits decreased year on year. An anticipated reduction in OmniMark software orders was partially offset by a 42% increase in revenues for Migrate, our cloud conversion service, which continues to strengthen its position in the DITA XML conversion market," Chairman David Ashman said in a statement.
He also noted that the shelving of a major conversion project by a European customer significantly hurt the company's final results.
The publishing technology provider said it has made progress with the development of AuthorBridge, a new content authoring solution for non-technical business users.
"We anticipate a successful launch for AuthorBridge in 2015, although we do not anticipate that it will make a significant contribution to Stilo's results in the current year," Ashman said.
Stilo proposed a final dividend of 0.03 pence per share, bringing the total dividend to 0.06p per share for the full year, down from 0.12p in 2013. Stilo paid no final dividend in 2013, but paid a 0.02p interim dividend, plus a 0.1p special dividend.
Stilo's shares were trading down 16% at 2.00 pence per share Wednesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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