Milestone's shares sage as it books wider FY loss

Milestone Group's shares have fallen almost 13% after it turned in a wider full-year pre-tax loss, and says it continues to be reliant upon its ability to manage liabilities as they arise.

The provider of digital media and technology solutions posted a pre-tax loss was £1.8m, from a year-ago loss of £1.4m. Revenue was down at £71,359, from £318,035.

CEO and interim chairman Deborah White said Milestone's challenging past 12 months was about consolidation.

"The continued support of the company's shareholders, network of partnerships and its staff has meant that the Group remains wholly focused on ensuring that all parts of the business are revenue generating or are ready to drive sales during the coming months," she added.

Milestone remained reliant upon its continuing ability to manage the timing of settlement both of its current liabilities and future liabilities as they arose.

"There is also a need for successful on-going equity fundraises and/or loans in the immediate to short term thereafter," the company added.

This was while sales plans and projections came into effect, especially in relation to revenues generated from new strategic partnerships and joint ventures and from the Passion Project.

"Directors have a reasonable expectation that the group and the company will have adequate resources to continue in existence for the foreseeable future."

At 12:39 GMT, shares in AIM-listed Milestone were down 12.9% to 0.27p each.