Milestone Group's shares
have plummeted after the company released final results that showed a "challenging" year for the company.
The AIM-traded company registered a 35% increase in total losses to £2.26m for the year ended 30 September 2017 compared to the previous year, as well as a 3% decrease in gross profits to £22,676 over the same period.
Furthermore, the company's administrative expenses increased 26% to £2.26m while revenues decreased 34% to £24,640.
Anthony Sanders, interim chief executive and chairman of Milestone, said: "The last financial year has been a challenging one for the Group. The year saw a shift in the Group's management and its strategic focus. Since September 2017, we have set about streamlining our operations and revising our strategy to bring increased focus to the business. We are now in a position to prioritise our resources on products and services that utilise blockchain technology in the digital media and fintech markets and ignite the commercial potential that exists within the Group.2
Anthony Sanders replaced Deborah White as chief executive on an interim basis after White resigned from the position in September.
Meanwhile, the company stated that it has reflected on its position since September and opted to cancel a number of projects and agreements, including those involving the Milestone Foundation and Passion Project as both services have now been cancelled entirely after the company determined they had failed to yield satisfactory results due to "poor internal and external execution".
Looking ahead, Milestone seeks to augment its music and media publishing capabilities after entering a joint-venture with Seed Media and Martin Heath and aims to increase marketing exposure for its growing management and reporting platforms OnSide and OnGuard.
Milestone Group is a London-based company that works with both public sector and consumer brands to deliver media and technology solutions.
As of 1041 GMT, Milestone Group's shares were down 43.59% at 0.11p.