Business
Half-yearly report
Half-yearly report.
About this update from Pipehawk Plc
[{"type":"text","content":"\n \n\n\n\n\n 8 March 2011\n\n Pipehawk plc\n (\"Pipehawk\" or the \"Company\")\n\n Half-yearly results for the six months ended 31 December 2010\n\nChairman's Statement\n\nI am pleased to report that the Company's turnover in the six months ended 31\nDecember 2010 was £1,711,000, an increase on the corresponding period last year\nof 8.1 per cent. (2009: £1,582,000), resulting in a profit before taxation of\n£225,000 (2009: loss £334,000).  This includes the sum of £625,000, received in\nrespect of the settlement of claims brought against a third party.\n\nIn the period under review, PipeHawk continued to develop new GPR products and\nas a consequence has, in the six months ended 31 December 2010, capitalised\napproximately £128,000 of research and development expenditure. I can report\nthat sales and hires of our e-Spott product continue to develop as the e-Spott\nbecomes part of 'best practice techniques'. We have continued with the\ndevelopment of a mini \"customer friendly\" e-Spade - a pipe and cable avoidance\nproduct.\n\nAdien operates in the large infrastructure project part of the construction\nindustry.  During the period, Adien recovered some of the ground lost in the\nperiod 2008 to 2010 when the construction industry was badly effected by the\nrecession. The severe weather in early December resulted in some loss of\nproduction, which is reflected in these figures, but I am pleased to report that\norders received in January and February have been good in comparison to previous\nyears.\n\nDuring the period QM Systems has seen a significant upturn in workload and order\nintake and I am pleased to report that at the end of December QM was sitting on\na far healthier order book. Prospects look very buoyant as the business seeks to\ncapitalise on its strategy of offering complete turnkey solution to its clients.\nQM has developed its sales strategy to offer engineering solutions consisting of\nconsultancy, special projects and products in the fields of assembly, automation\nand test systems. The consultancy business has grown fourfold and now attracts\nsome very prestigious clients.\n\nQM's commitment to research and development of products has continued with the\ndevelopment of a system to test LED / Filament light clusters, which we are\nhoping to sell across Europe. In addition, development of t...