StockMarketWire.com - Land-mine detection group PipeHawk posted an annual loss after revenue slumped, though it said current business had picked up.

Pre-tax losses for the year through June amounted to £502k, deepening from a loss of £193k on-year.

Revenue fell 16% to £4.8m.

'We had a most peculiar start to the year,' chairman Gordon Watt said.

'The level of enquiries and indications that we would be awarded orders had never been higher, however the orders, whilst not going away, simply were not received until late in the financial year with consequent underutilisation of staff - and hence profitability.'

'Nevertheless ... since the third quarter the orders have flowed in and we are now extremely busy.'

'Despite these setbacks we acquired Thomson Engineering Design during the year and, after a very slow start which exacerbated our group losses, it is now profitable and contributing to the group.'






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