Iona under pressure after $2.3m loss

Brian O’Mahony, Chief Business Correspondent

That compares with a net loss of $1.9m (E1.6m) for the same period last year.

Shares in the group fell 10 cents to 2.15 in Dublin yesterday.

Sales were $14m (E11.6m), down $1.2m (E0.9m) on the same period last year. The company had been forecasting sales of up to $17m (14.1), but tougher trading has had an impact on the outcome.

Chief executive Peter Zotto, who replaced Chris Horn earlier this year, said the results for the period failed to meet expectations, but added there were significant growth in sales of its Artix product.

Earlier in the month Iona warned that second quarter revenues were likely to come in at around $14m (E11.6m). That was sharply lower than the $16m-$17m (E13.2m-14.1m) it

signalled at the time of its first quarter results. Back then its shares fell to 2.09.

Overall it has not been a happy period for the group. In June, chief financial officer of the software company resigned to take up a similar position at a private software company.

He had been with the company for almost 10 years.

Previously, Iona reported net profits of just over $100,000 (82, 780) for the first three months of its current financial year, down from just under $200,000 (165,530) in the same period last year.

Chris Horn is a co-founder of the company, which had its origins in Trinity College.

He has had two stints as chief executive. Some years ago he returned to the helm after the group hit a very difficult trading patch.