Business
Half Yearly Report
Half Yearly Report.
About this update from Pipehawk Plc
[{"type":"text","content":"\n \nRNS Number : 9591S PipeHawk PLC 23 March 2016 \n\n \n23 March 2015\n \nPipeHawk plc\n(\"PipeHawk\" or the \"Company\")\n \nHalf-yearly results for the six months ended 31 December 2015\n \n \n \n \nChairman's Statement\n \nIn the six months ended 31 December 2015 the Company's turnover was £2,362,000 (2014: £2,583,000), resulting in a loss before taxation of £449,000 (2014: loss of £142,000) and a loss after taxation of £280,000 (2014: profit of £50,000).\n \nAt QM Systems, order intake for the period from June through to September 2015 was buoyant. However, orders anticipated to arrive during the latter part of 2015 were either delayed into 2016 or did not materialize. This dip in activity in the last quarter of 2015 contributed to the loss for the six months period. The order intake for 2016 to date has been very good with orders received from both existing and new clients, including a substantial order with Dana Automotive for an axle assembly line. We used the last quarter of 2015 to continue to work on broadening our customer offerings. One of these is a leading edge measurement system for high volume inspection of mechanical components to a very high accuracy and, while the conception of the project was initially aligned to a client enquiry, we have made the strategic decision to expand the deliverable to include an inspection product that is now being marketed to a number of key clients. Operational activity is currently at a peak with a number of projects at manufacturing and commissioning phases. The current order book and expected orders suggest a very busy end to the financial year.\n \nPipeHawk has continued to develop, both technically and commercially, the e-Safe, e-Spade Lite and e-Spott product families during the period. Progress currently is focused on the development of a robust international business plan which is being partly funded by an initial €50,000 grant from H2020 (Phase 1) with a view to securing a much larger H2020 grant to assist with developing the marketing and sales strategy for the products globally (Phase 2). The initial €50,000 grant is released in two phases, the first of which has been received and the second of which is payable on the submission of the business plan which is due for completion early May 2016. The...