Pipehawk (GB:PIP) has released an update.
PipeHawk PLC has announced that its subsidiary, QM Systems Limited, is facing significant financial difficulties due to the non-receipt of two major anticipated orders, resulting in a potential administration or similar insolvency process. Despite these setbacks, PipeHawk remains confident that the rest of its group, including other key subsidiaries, will continue to operate effectively. QM, which contributed 65% to PipeHawk’s last year’s revenue, reported a substantial loss and is now under considerable financial strain.
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