Business
Final Results for the year ended 30 June 2023
Final Results for the year ended 30 June 2023.
About this update from Pipehawk Plc
[{"type":"text","content":"\n\nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK Market Abuse Regulation\n \n29 November 2023\n \nPipeHawk plc\n(\"PipeHawk\", \"Company\" or the \"Group\")\n \nFinal Results for the year ended 30 June 2023\n \nHighlights\n \n- Turnover of £6.5 million, an increase of 4.8% (2022: £6.2 million)\n- Loss before taxation for the financial year of £3,284,000 (2022: loss £1,576,000)\n- The Group's orderbook sits in excess of £6 million - the highest in the Group's history\n \nI can report that Group turnover for the financial year ended 30 June 2023 (the \"Financial Year\" and the 2022/23 FY\") increased to £6.5 million (2022: £6.2 million). The Group incurred an operating loss in the Financial Year of £2,899,000 (2022: £1,312,000), a loss before taxation for the Financial Year of £3,284,000 (2022: loss £1,576,000) and a loss after taxation of £2,484,000 (2022: loss £868,000). The loss per share for the financial year was 6.84p (2022: loss 2.42p).\n \nNotwithstanding the resurgence of our businesses over the last few months, due to delay in the Start of Production for the contract manufacturing business, and given the effects of the wider downturn and volatility in the global market uncertainty the directors have taken a prudent view to recognise a goodwill impairment charge totalling £678k.\n \nIt is evident now that the disappointing results delivered during the last two financial years were created over a single 12-month period spanning January 2022 through until December 2022. This was as a result of a perfect storm on the back of a faltering recovery from Covid, the Russian invasion of the Ukraine in February 2022 and the political chaos resulting from the resignation of Boris Johnson as Prime Minister in June 2022, an interregnum until the appointment, and brief term in office, of Liz Truss from September 2022 and finally the appointment of Rishi Sunak in late October 2022. All this set against a background of rising fuel prices and price rises on just about every other manufactured good, whilst the Bank of England \"helps\" to reduce demand even further by increasing UK interest rates most months whilst saying there is more pain...