Shares in Imaginatik Plc (LON:IMTK) took a dive on Tuesday after the AIM-listed innovation solutions provider reported widening full-year losses and said it failed to hit all of the targets it set out in 2017.
The company said its loss before tax widened by 29% to £1.35mln in the year to the end of March on revenues 6% lower at £3.7mln as administrative costs and costs of sales rose 9% and 4% respectively.
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“The company did not achieve all the objectives set out in the 2017 report and accounts. However, customers continue to renew their contracts and there are new customer wins which we believe to be a very positive sign for the future of the business,” Imaginatik said in its results statement.
Since April, the company said it had taken action to substantially reduce its cost base and improve the company's financial performance. It said the changed had started to make an impact but it would be “some months” before the full benefit would emerge.
Shares in the management software provider were 8% down at 7.12p in late morning trade.