Stilo warns investors of 'material drop' in revenues

Software and cloud services outfit Stilo warned investors on Thursday that it was set to report a "material drop" in revenue and a loss for the trading half ending 30 June 2019.

Stilo said sales during the first six months of the year had been "slower than planned".

While the AIM-listed group, which had previously indicated that its outlook for 2019 was "uncertain", revealed that it was involved in several new contract bids that could materialise later in 2019, Stilo remained cautious of its ongoing trading.

Given the ongoing trading uncertainty, Stilo said it was important that the group reduce its operating costs, stating it would be taking "appropriate measures" to do so in the coming weeks.

As of 1045 BST, Stilo shares had slumped 7.43% to 1.62p.