Business
Interim Results
Interim Results.
About this update from Pipehawk Plc
[{"type":"text","content":"\n \n 12 March 2007\n\n PipeHawk Plc (\"the Group\" or \"the Company\") \n\n Interim Results \n\n for the six months ended 31 December 2006 \n\nI am delighted to report that the Group's progress continues.\n\nThe turnover for the six months ended 31 December of £2,547,000 is an increase\nof more than two and a half times that for the corresponding period in 2005 (£\n970,000) and the retained profit for the six months is £13,000, compared with a\nloss of £100,000 in the same period last year.\n\nThese figures include a full six months' contribution from QM Systems Limited\n(\"QM Systems\"), it has integrated well and has been assisting PipeHawk with its\nplanned introduction of the next generation of PipeHawk development, now that\nthe GPR industry is regulated. QM Systems is however being affected by\nunexpected management and policy changes at Smiths Aerospace, which has caused\na reduction in workflow from that customer. New order intake from a more\ntargeted marketing effort is already yielding a much more diverse and better\nspread of customers.\n\nContinuing on the technology front, PipeHawk, with nine European partners, has\nbeen awarded €2.15 million by the EU to develop a Ground Probing and Imaging\nRadar system, specifically to detect damage to water pipes throughout the EU.\nThe consortium members have estimated that there are over half a million water\npipe breakages / new leaks annually throughout the EU. PipeHawk's primary\nresponsibility is to oversee the effective exploitation of this new technology.\n\nAdien and SUMO both continue to grow and expand in their respective market\nplaces, following the issue to them of the first Ofcom licences in September\nlast year. The issue of these licences has assisted in differentiating our\nservices as all companies which use GPR must now be registered and regulated to\noperate legally.\n\nDuring the period SUMO sold four further franchises and is now operating\neffectively throughout mainland Great Britain.\n\nAdien is steadily getting larger contracts and is being involved earlier in the\ndecision making process in the planning of highway construction projects. To\ncope with this success we have invested in extending Adien's premises and\nadding further equipment and teams to its resources.\n\nThe MineHawk EU grant is progressing slowly but steadily through the office...