Shares in AIM-listed publishing software firm Ingenta (LON:ING) tumbled 14.46% to 42p (as of 13:44 BST) after revenues for the year ended 31st December dropped by 9% and losses before tax widened by 5%. Management said that the decline in revenues was due to a shift towards targeting higher quality, recurring contracts.
CEO Scott Winner commented: “I’m pleased with the progress made in 2019 and these results bear testament to the operational efficiencies we have implemented. The positive news is wide ranging and includes 6 new customer sales of our Commercial product during the year, having gained significant traction in our target markets.
“In addition, we have broadened our offering to new verticals, including Conchord as an IP management solution for the music industry, and look forward to promoting its benefits in 2020. We have also taken steps to strengthen Vista’s offering for our customers in the wider publishing industry, and are excited to continue to serve our loyal client base“.