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(Sharecast News) - Engineering solutions firm Pipehawk said on Thursday that it has made "a positive start" to the current financial year, underpinning management's "cautious projection" of a return to operating profitability.
Pipehawk now expects unaudited revenues for the six months ending 31 December to be "significantly ahead" of the £1.1m recorded last year. Pipehawk added that it expects to report a net breakeven consolidated result for H1.
The AIM-listed group also noted that trading conditions in the UK and globally were "very difficult for SMEs", meaning that, while management remains optimistic that the company's performance will continue to improve gradually over the coming months, it will now take longer than originally anticipated.
"However, the board believes that the group has positioned itself to take advantage of current market conditions and that it should therefore be less susceptible to the need for a resurgence of business confidence," said chairman Gordon Watt.
As of 1130 GMT, Pipehawk shares were up 7.40% at 2.15p.
Reporting by Iain Gilbert at Sharecast.com
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