Swindon headquartered Stilo International plc, which provides software tools and cloud services in XML format for easier storage and management, has reported a reduction in sales revenue to £638,000 in its unaudited interim results for the six months ended June 2019, from £707,000 in 2018.
David Ashman, Chairman, said: “We are currently expecting trading to continue slowly for the remainder of 2019 and need to take measures to reduce our operating costs wherever possible.”
The company has announced its intention to de-list from AIM and re-register as a private limited company, subject to shareholders’ approval.
This is expected to generate potential annualised cost savings of more than £120,000. Additional cost-reduction activities include organisational and management changes are currently underway, added David.
“The company continues to develop high-quality software tools used by leading organisations around the world. With a reduced cost base and increased sales to be driven by the recruitment to the newly created role of VP Sales & Marketing, it is our intention to generate steady ongoing profits and resume the payment of dividends to shareholders as soon as possible.”
Business highlights for the company in the period include:
- Migrate customers for the period include Mastercard, ARRIS/CommScope, Applied Materials, Visa, GE Healthcare and Deltek.
- AuthorBridge customers in the US include IBM, Kaplan Professional Education and the Nuclear Regulatory Commission. A major release of AuthorBridge shipped in June 2019 and it is not expected to further capitalise AuthorBridge development costs beyond this date.
- OmniMark sales include European Parliament, Qantas and Embraer.