Stilo International says sterling's weakness helps FY profit, revenue
Content-engineering group Stilo International improved its full-year pre-tax profits and revenue, accompanied with a rise in total dividend.
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"The 2016 results benefited from the weakening of the UK pound, post the Brexit referendum in June 2016," said chairman David Ashman.
"The majority of our sales are transacted in US dollars, with the balance mainly in euros, while our costs are primarily in Canadian dollars and UK pounds."
Pre-tax profit for the period was £318,000, from the previous year's profit of £261,000. Sales revenues gained to £1.76m, from £1.52m.
Stilo lifted its total dividend for the 12-month period to 0.09p a share, from 0.08p.
"A significant increase in OmniMark sales from customers in Japan and Brazil was partially offset by a reduction in Migrate revenues, in what we considered to be a general softening of demand for conversion services in the XML DITA market," said Ashman.
"Following substantial development efforts, it was particularly pleasing to see the initial adoption of AuthorBridge by the central Information Developer Tools team at IBM in the USA, and the Nuclear Regulatory Commission in Washington D.C."
Ashman penned this as a very positive beginning for AuthorBridge, which augered well for future sales.
"Our reported profits include the capitalisation of AuthorBridge development costs, as mandated by IFRS reporting standards and we anticipate depreciating the accumulated capitalised costs over a ten year period starting in 2017, following the general release of AuthorBridge v2.0."
At 12:30 GMT, shares in AIM-quoted Stilo were flat at 6.25p each.