Shares in Swindon-based tech group Stilo International continued to fall today as investors reacted to interim results revealing a sharp decline in profits.
The Windmill Hill-based group, which provides content processing technology and cloud content conversion to major tech firms, reported a 46% decrease in pre-tax profits to £39,000 for the six months to June 30. 
Earnings halved to £48,000 on total sales revenue down from £733,000 to £617,000.
The firm said revenues had decreased primarily because of a reduction in software licence sales of its OmniMark product. It said it expected these to be offset by increased sales of its Migrate in the second half of 2014.
Revenue generated from software maintenance contracts held broadly level but adverse foreign currency affected total revenues.
Chairman David Ashman said significant progress had been made with the development of AuthorBridge, a new, ground-breaking web-based authoring solution for large enterprises, with customer pilot projects scheduled for later this year, and general release planned for early 2015.
He added that the firm had a continuing healthy cash position and there was an encouraging business outlook.
Stilo specialises in helping organisations automate the conversion of their existing content into different XML (Extensible Markup Language) formats. Its products are used by commercial publishers, technology companies and government agencies and include organisations involved in the production and maintenance of technical documentation.
Its shares, which dropped sharply yesterday on publication of the interim results before recovering to close 15% lower, fell again this morning, down a further 9.5% to 3.38p.
