(Alliance News) - PipeHawk PLC on Wednesday said improved performance in the second half helped it to swing to an annual profit.
PipeHawk shares were 16% higher in London in morning trade at 4.75 pence each.
The engineering solutions provider said it swung to a pretax profit of GBP12,000 in the year to the end of June compared to the GBP502,000 loss reported a year ago, as revenue climbed by 40% to GBP6.7 million from GBP4.8 million.
The second half of the year benefited from a GBP129,000 one-off gain in relation to the reduction of the amount of money that is owed to the vendors of Thomson Engineering Design, Pipehawk explained.
"The politicians faffing around with Brexit has undeniably had an effect on this year’s results and to some extent continues to do so," said Chair Gordon Watt.
"However, UK business has generally had to move on, and delayed orders have eventually been placed such that we have had a very reasonable second half of the year," added Watt.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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PipeHawk (PIP)