26th Aug 2022 09:36
(Alliance News) - Holders Technology PLC on Friday reported a swing to interim loss, as revenue weakened due to restructuring in its Printed Circuit Board division.
The London-based company which supplies materials for printed circuit boards reported a swing to a loss of GBP226,000 in the six months to May 31 from a profit of GBP104,000 a year before.
This was on a revenue fall of 40% to GBP3.5 million from GBP5.8 million.
The company cited the restructuring of its Printed Circuit Board division, where revenue declined 68% to GBP1.2 million from GBP3.8 million.
The results were broadly in line with expectations, Holders Technology said, after it disposed of its lower growth and lower income PCB consumable activities.
Holders said that the second half of the year has started well, with profit and revenue improving.
Going forward, it will continue its current strategy of investing in sales and technical resources, new products and technology.
"Whilst we are cautious regarding the global economic outlook, we remain confident that future performance will demonstrate the validity of this approach," the company said.
Shares in Holders Technology were untraded on Friday morning in London, last quoted at 93.00 pence each.
By Abby Amoakuh; [email protected]
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