Pipehawk’s profit for fiscal 2021 was reduced in the first half, but improved in the second half

By Michael Susin

Pipehawk PLC said on Wednesday that its profits for fiscal 2021 were more than halved due to the drop in revenue, but that its performance in the second half of the year returned to near pre-pandemic levels.

The UK-listed transport technology group posted pre-tax profit for the year ended June 30 of 79,000 pounds ($ 107,540) compared to 194,000 GBP for the same period last year.

Revenue fell to £ 6.7million from £ 8.3million. The company generated sales of £ 4.1 million in the second half of the year and pre-tax profit of £ 415,000.

The company said it saw a return to near pre-pandemic levels in the second half of the year and started the new fiscal year with an order book of over £ 2million.

“All divisions of the group are currently functioning well and I remain optimistic about my prospects for the group,” said Chairman Gordon Watt.

Shares at 9:24 a.m. GMT were up 0.75 pence, or 5.2%, to 15.25 pence.

Write to Michael Susin at [email protected]

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