LONDON (Alliance News) - Electronic systems developer Pipehawk PLC on Wednesday said its pretax loss widened in the first half of its financial year as revenue fell due to orders being delayed.
Pipehawk said its pretax loss for the six months to the end of December was GBP449,000, compared to GBP142,000 a year earlier. Revenue fell to GBP2.4 million from GBP2.6 million. No dividend was proposed for half.
Pipehawk said its QM Systems automation engineering services division saw robust order intake in the first quarter, but this slipped in the second, resulting in a number of orders anticipated in the first half being pushed into the second.
Still, Pipehawk said its order book remains solid and its order intake so far in 2016 has been good.
The group has also continued to develop its other product lines in the first half and said Adien, its utility detection and mapping services company, made a small profit in the half, despite competitive market conditions.
Pipehawk said Finance Director Bob Tallentire has resigned after taking a new position with a corporate financial advisory firm. Mithi Padmanathan will replace him at Pipehawk.
Pipehawk shares were up 0.8% to 3.9063 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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PipeHawk (PIP)