Shares in Pipehawk leap after FY report

Shares in Pipehawk, the Hampshire based engineering company, soared today after it swung back into profits in 2011.The shares jumped 17% despite the firm saying it would pay no dividend for the second year in a row.Pipehawk said that despite a very difficult trading environment pre-tax profits in the year to the end of June came in at £143,000, up from a £1m loss in 2010.Basic earnings per share came in at 0.73p, up from a 2.85p loss the year before.Turnover plus other income for the year ended was £3,500,000, an increase of 33%. on 2010.The firm said its survey division, Adien, had seen a gradual increase in activity in this market despite lower rates and margins than previously.It also said it had successfully completed a restructure of its technology division to focus on business growth and new product roll out.Chairman Gordon Watt said that after a difficult year his outlook for the group remained optimistic.