Dillistone Group reported a decline in annual profits on lower revenues as the loss of major client and increased costs weighed down performance. For 2018, adjusted pre-tax profit missed its expectation, falling to £0.018m from £0.453m as revenue fell 11% to £8.69m, of which recurring revenue fell 10% to £7.154m. The loss of a major client, announced in Summer 2017 but materialising in February 2018, had a year on year revenue impact of around £0.625m, the company said. The company said it expected to deliver a profit before tax in 2019, which would be comparable with 2018. '2018 was clearly a challenging year for the Group. The executive team has nevertheless worked tirelessly and, despite the challenges faced during the year of GDPR, the loss of a major client, the continued investment in new products and, during 2018, the implications of re-structuring to reduce our cost base, we are now well on our way to restoring Dillistone to healthy operating profits on a sustainable footing,' said Mike Love, Non-Executive Chairman. At 9:45am: (LON:DSG) Dillistone Group PLC share price was -1p at 40p
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