Shares of HeiQ PLC experienced a significant decline of 60% following the release of the company’s half-year report. The report outlined a widened pretax loss for the first half of the year, resulting from challenging trading conditions and weaker demand across all segments.
At 0853 GMT, shares were down 12.20 pence, reaching 8.0 pence.
Challenging First Half Performance
HeiQ reported a pretax loss of $6.4 million for the half-year period ending June 30. This represents a substantial increase when compared to the loss of $1.65 million during the same period in the previous year. Additionally, revenue saw a decline of 26%, dropping from $27.56 million to $20.5 million.
Overall Losses in 2022
The company also reported a pretax loss of $29.8 million for 2022, a significant increase compared to the loss of $1.4 million in the previous year. Revenue for 2022 fell to $47.2 million from $55.4 million.
Suspension of Shares
Due to the delay in reporting its 2022 earnings, HeiQ’s shares had been suspended until the recent release of the report.
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