PipeHawk turnover rises, but losses remain

Published by

Tom Kilkelly

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Aldershot-based PipeHawk plc, a Group that develops, assembles, and sells test system solutions and ground probing radar equipment, has announced its results for the year ended 30 June 2023 with reports of mixed performance.

The firm reported that turnover had increased to £6.5 million this year, which is an increase of £0.3 million on the £6.2 million reported last year.

Despite the growth in turnover, The Group incurred an operating loss of £2,899,000 (2022: £1.31 million), a loss before taxation of £3.2 million (2022: loss £1.57 million).

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The firm has attributed these losses to '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'.

A spokesperson for PipeHawk said: ''The Group remains committed to creating sustainable earnings-based growth and focusing on the expansion of its business with forward-looking products and services. PipeHawk acts responsibly towards its shareholders, business partners, employees, society and the environment in each of its business areas.

''PipeHawk is committed to technologies and products that unite the goals of customer value and sustainable development. Despite wider current market conditions, all divisions of the Group are currently performing well and I remain optimistic in my outlook for the Group.''

Tom Kilkelly

Tom Kilkelly started working as a freelance journalist for The Business Magazine following his graduation from UCL in 2022. During his studies Tom became very interested in the works of Irish authors including Samuel Beckett and Flann O'Brien (Brian O'Nolan). His current role as a freelance business reporter is his first exposure to the world of business journalism. Working at TBM has given Tom the chance to really get to grips with the goings-on in the business hive that is the South East.