Results Round-up

Shares in Synety Group tanked on Wednesday, as the cloud-based software provider reported its annual loss had widened.

The London-listed group posted a full-year loss before tax of £5.55m, a 47.6% increase year-on-year driven by a sharp rise in administrative expenses, which rose 41.4% to £4.2m.

The increase in operating loss offset a sharp hike in revenue, which rose 198% to £1.63m driving gross profits up 217% to £1.18m.

In a statement on Wednesday, the group added it had raised £2.82m through the issue of 3,129,084 new ordinary shares, each priced at 90p, and up to a further 834,028 new ordinary shares to be issued through an open offer at 90p each to raise £0.75m.

Shares in Stilo International fell by 10% after reporting a decrease in revenues and profits during 2014.

The software and computer services group said a reduction in software orders and the shelving of a major conversation project by an European customer have made a negative in the full-year results.

Revenues fell 16.1% to £1.26m while profits before tax declined 37.9% to £0.95m during the period.

Stilo said the decrease in revenues was caused by an expected reduction in OmniMark software licence sales which was replaced by an increase in sales of its cloud conversion service Migrate.