Pipehawk (PIP)


Pipehawk more than halves H1 pretax loss

PipeHawk has posted an H1 pretax loss of £180,000, from a loss of £449,000.

Turnover was £2.99m, from £2.36m.

At QM Systems, order intake for the first part of the period was buoyant with orders taken of about £1.3m in the first three months.

"Order intake slowed during the latter part of the period, however the outstanding quotes remain considerable with a number of significant contracts awaiting award over the coming weeks," said Pipehawk.

PipeHawk said it had continued to build on its UK, EU and international sales strategy for e-Safe product range and supply through a number of key partners was expected to increase through 2017.

"The rejection of our H2020 phase 2 grant re-application was a disappointment. However, following consultation with our advisers, we shall be re-submitting what we hope will be regarded as an improved application, building on the feedback we received from the assessors.

"In the meantime, we are working to improve the profitability of our product range and by the end of the financial year we expect to achieve cost reductions with a number of key components."

For Adien, the six months to 31 December had been a challenging time in an extremely competitive market.

SUMO, in which Pipehaw held a 28.4% stake, struggled in the competitive market place.