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Highlights
- Revenue Growth: Turnover increased to £9.1 million, up from £6.5 million in the previous year.
- Reduced Losses: Loss before tax and exceptional items narrowed to £821,000, an improvement from £3.28 million in FY 2023.
- QM Systems Ltd Administration: The closure of QM Systems Ltd impacted results, but the remaining business showed positive signs of profitability.
PipeHawk plc (LSE:PIP), a leading provider of advanced technological solutions, reported its final results for the financial year ending 30 June 2024. The Group saw a notable increase in turnover, which rose to £9.1 million, up 40% from £6.5 million in FY 2023. However, the company continued to face financial challenges, reporting a loss before taxation and exceptional items of £821,000, significantly improved from a loss of £3.28 million in the previous year. The loss per share also improved to 2.26p from 6.84p in FY 2023.
Despite the overall loss, the company’s operations excluding QM Systems Ltd, which entered administration in July 2024, demonstrated more positive financial health. For the remaining business operations, PipeHawk recorded a turnover of £2.9 million and an operating profit of £0.12 million. However, the loss before tax and exceptional items for the ongoing operations was £0.27 million.
The administration of QM Systems Ltd led to the impairment of its investments, with the resulting losses being treated as exceptional items in the company’s financial report. This administration was a significant event for PipeHawk, affecting the overall financial performance, but the remaining divisions of the company have continued to perform relatively well under these challenging circumstances.
Strategy and Outlook
Looking forward, PipeHawk is committed to driving sustainable earnings and focusing on the expansion of its business through forward-looking products and services. The company remains dedicated to providing customer value while also considering sustainable development goals across its operations.
Despite the difficulties faced by QM Systems Ltd, PipeHawk’s other business divisions are reported to be performing well. The company remains optimistic about its future prospects, with management cautiously projecting a return to operational profitability in the current financial year (FY 2025).
