23rd Oct 2015 06:50
LONDON (Alliance News) - Holders Technology PLC Friday warned it expects to post an operating loss for its current financial year on a fall in revenue, due to a fire at a major customers premises, reduced demand for a number of its product lines, and the strengthening of sterling.
Additionally, the company said it faces an unforeseen taxation liability of between GBP65,000 and GBP200,000, in relation to EU Cross Border Group Relief claims related to its former Swedish and Dutch divisions.
Holders supplies materials for printed circuit board manufacture and provides LED products for the lighting and industrial markets.
The company now expects to report an operating loss of GBP200,000 for the year to end-November, on revenue of GBP11 million. In the previous year the company reported a swing to a pretax loss of GBP362,000, on revenue of GBP13.5 million.
Holders said the taxation liability has arisen from an EU Court of Justice ruling earlier this year, that means that certain claims under the EU Cross Border Group Relief between 2003 and 2009 may no longer be allowable. Since this ruling the company has withdrawn some claims totalling GBP65,000, and said further claims and interest totalling GBP135,000 are currently under discussion with HM Revenue & Customs.
It expects to put out its full year results February 12, 2016.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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