 surged nearly 15 percent on Monday morning, after strong a half-year period led to a post-tax profit.){kind=link}
Shares in engineering solutions company Pipehawk (LON:PIP) surged nearly 15 percent on Monday morning, after strong a half-year period led to a post-tax profit of £43,000.
Turnover in the six months to the 31st December 2016 stood at £2,999,000, up from the £2,362,000 in the same period last year. The company made a loss before taxation of £180,000, smaller than the £449,000 made in 2015, and posted a profit after taxation of £43,000.
In a statement the group’s chairman, Gordon Watt, said order intake in the QM Systems arm was “buoyant”, with orders of approximately £1.3 million in the first three months.
“Order intake slowed during the latter part of the period, however the outstanding quotes remain considerable with a number of significant contracts awaiting award over the coming weeks”, he added.
Watt remained confident about the company’s growth: “PipeHawk has continued to build on its UK, EU and international sales strategy for e-Safe product range and supply through a number of key partners is expected to increase through 2017.”
“With increased exposure through trade press and product placement at a greater number of industry events and trade shows than in previous years, both in the UK and overseas, we are well placed to achieve our goal of doubling unit sales over the forthcoming year”, he finished.
SUMO, a company in which the group holds a sizeable 28.4 percent stake, struggled in a competitive market place over the last six months. No dividend is proposed for the six months ended 31 December 2016.
Pipehawk shares are currently up 14.19 percent at 3.00 (0853GMT).