PipeHawk PLC on Thursday reported a widened loss in the six months to December 31, as revenue fall, citing macroeconomic issues such as the war in Ukraine and interest rate rises.
PipeHawk is a Hampshire, England-based provider of technology for highways and for the automotive, rail and aerospace industries.
The company said pretax loss in the first half of its financial 2023 year widened to £1.8 million from £457,000 a year prior. Revenue declined 31% to £2.2 million from £3.2 million. Meanwhile, administrative expenses increased 12% to £1.9 million from £1.7 million.
PipeHawk shares fell 8.3% to 12.38 pence each on Thursday morning in London.
PipeHawk noted macroeconomic issues such as the war in Ukraine, high fuel prices, interest rate rises, but also the UK having had three prime ministers during 2022, in regards to its performance.
Citing presumed higher confidence in the UK marketplace since the start of the premiership of Rishi Sunak, the company said it believes ‘that the outlook does look very positive for the remainder of this year and beyond.’
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