Software group Iona Technologies has reported a net loss of $700,000 for last year on flat revenue of $77.7m.
In the fourth quarter of the year, however, revenues fell to $18m from $22.8m in the same period a year earlier, though there was a net profit of $200,000.
The group had already signalled that Q4 revenue would be disappointing in a recent trading update. It also said it would be seeking to cut staff numbers as part of a cost-cutting programme.
Chief executive Peter Zotto said 'intense reviews' of bigger deals towards the end of the year resulted in delays with some customers. He said this affected sales of its Artix software in particular. Revenues from Artix grew by 26% in 2007 as a whole.
Iona said it expected revenue of $80-85m in 2008, with total costs of $79-81m. But it also warned of once-off charges linked to its cost-cutting programme.
Shares in the company were up 17 cent at €1.62 in Dublin this afternoon, having initially fallen after the results.
