PipeHawk revenue falls during 'most peculiar' six months

The AIM-traded company reported an operating loss of £0.18m, widening from £0.09m, while its loss before tax improved to £0.12m from £0.18m in the first half of 2016.

After tax, PipeHawk made a profit of £0.02m, which was down on the £0.04m profit posted a year ago.

Basic earnings per share fell to 0.05p from 0.13p, while diluted earnings per share were down to 0.03p from 0.13p.

“This has been a most peculiar six months for all divisions of the group,” commented chairman Gordon Watt, adding that the level of enquiries and indications that PipeHawk would be awarded orders had never been higher.

“However, the orders, whilst not going away, simply did not happen during the period with consequent effect on underutilisation of staff - and hence profitability.

“Nevertheless, since the period end the orders have flowed in and we are now extremely busy,” Watt added.