HeiQ PLC - London-based textiles technology firm - Chief Executive Officer Carlo Centonze buys 300,000 shares at an average price of 28 pence each, worth £84,000, in London on Wednesday. Centonze is now interested in 14.2 million shares, including 5.2 million shares held by Cortegrande AG, a 10.1% stake. Cortegrande is a company wholly owned by Centonze.
On Wednesday, the company said sales in the fourth quarter of 2022 were impacted by a ‘significant’ deterioration in consumer demand as a result of worsening macroeconomic conditions. It explained that this reduction in sales has also been compounded by brands increasing their levels of inventory to all-time highs after the pandemic, due to persisting supply chain concerns.
HeiQ now expects revenue for the year to be 20% below market expectations at between $54 million and $55 million. The firm’s pretax loss is expected between $2.5 million and $3.5 million.
Current stock price: 28.90 pence, up 7.0% in London on Thursday morning
12-month change: down 69%
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