(Alliance News) - PipeHawk PLC on Wednesday said loss widened due to higher expenses and impairments, but maintained a hopeful outlook for the year ahead.
Shares in PipeHawk were trading 15% lower at 10.02 pence each in London on Wednesday morning.
The Hampshire, England-based provider of technology for highways and for the automotive, rail and aerospace industries said in the financial year ended June 30, pretax loss widened to GBP3.3 million from GBP1.6 million the year before.
This was reflected by an impairment of goodwill of GBP678,000, as well as operating costs rising by 25% to GBP4.5 million from GBP3.6 million the year before.
Meanwhile, revenue edged up slightly by 4.8% to GBP6.5 million from GBP6.2 million the year before.
Looking ahead, PipeHawk said all divisions are currently performing well and maintians an "optimistic" outlook.
"The group remains committed to creating sustainable earnings-based growth and focusing on the expansion of its business with forward-looking products and services," said Chair Gordon Watt.
By Sabrina Penty, Alliance News reporter
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PipeHawk (PIP)