Silanis Technology , the Canadian based electronic signature software specialist, fell 52% after announcing that full year results for the year to 31 December 2008 would fall substantially short of market expectations. The Company blamed its woes on a number of contracts which failed to close in the final half of the year, despite a past track record of closing accounts close the year end.
Silanis hopes to return to profitability in 2008 and confirmed that it still saw inbound interest in its products right up to the end of 2007.
Silanis listed on AIM on June 26 2007 after raising £8.1 million net proceeds at 46 pence per share. To the year ended 31 December 2006 the Company posted a profit before tax of US$2.8 million on turnover of US$8.5 million