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 £3.3 million from £1.6 million the year before.
This was reflected by an impairment of goodwill of £678,000, as well as operating costs rising by 25% to £4.5 million from £3.6 million the year before.
Meanwhile, revenue edged up slightly by 4.8% to £6.5 million from £6.2 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.
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