19th Mar 2020 12:01
(Alliance News) - PipeHawk PLC reported a swing to an interim profit on Thursday but said the Covid-19 outbreak will affect client site visits and sales orders.
Shares in PipeHawk were down 16% in London on Thursday at midday
In the six months to December 31, PipeHawk recorded a pretax profit of GBP111,000, compared to a GBP164,000 loss the year before.
The company's revenue was 55% higher year on year in the half-year to GBP4.9 million from GBP3.5 million.
During the six months, QM Systems continued its positive trend both in growth in revenue and profit, PipeHawk said. The unit almost doubled its sales generating a profit of GBP335,000 compared to GBP73,000 the year before.
Thomson Engineering Design saw revenue rise to GBP364,000 from GBP224,000 on an improved sales performance.
Chair Gordon Watt said: "Our current order book had been strong on all fronts and everything was looking good - and then the country and the company were hit with coronavirus which is causing all sorts of problems; in particular it has affected access to client sites and deferment of decisions on new orders."
By Paul McGowan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
PipeHawk