Holders Technology PLC reported a fiscal 2022 pretax loss of £259,000 ($318,233), compared with a profit of £787,000 in the previous year. The company cited increased investment in the lighting control solutions business as the reason for the loss. Total revenue for the year fell to £8.3 million from £12.4 million, while sales for the new year so far have been below expectations given the uncertain global economic and geopolitical outlook. The company’s profitability saw a significant improvement in the second half of the year, with a loss of £33,000, up from a loss of £226,000 in the first half. Despite this, the company still boasts a strong balance sheet and cash position, and it declared an unchanged final dividend of 0.50 pence a share, totaling to 1.00 pence a share annually. The company ended the year with cash of £2.3 million, compared with £3.2 million, and its shares were down by 3% at 80.0 pence at 0828 GMT.
Holders Technology Reports Fiscal 2022 Pretax Loss Due to Increased Investment in Lighting Control Solutions
Holders Technology PLC has reported a pretax loss of £259,000 ($318,233) for the year ended Nov. 30, 2022, compared to a profit of £787,000 in the previous year. The lighting-technology company attributes this loss to increased investment in the lighting control solutions business.
The company has cited the uncertain global economic and geopolitical outlook as the cause of lower-than-expected sales for the new year. Despite this, the firm boasts a strong balance sheet and cash position, putting it in a favorable position to tackle the challenges that lay ahead, according to Executive Chairman Rudi Weinreich.
In fiscal 2022, profitability saw a significant improvement in the second half, with a loss of £33,000, up from a loss of £226,000 in the first half. Total revenue for the year fell to £8.3 million from £12.4 million. However, it is worth noting that this is a comparison with £7.7 million on a continuing basis, as the printed circuit board consumables unit was sold in 2021.
Holders Technology has declared an unchanged final dividend of 0.50 pence a share, totaling to 1.00 pence a share annually, in contrast to 3.00 pence in 2021, which included a special payout of 2.0 pence.
The company ended the year with cash of £2.3 million, compared with £3.2 million, and its shares were down by 3% at 80.0 pence at 0828 GMT.
Don Nico Forbes can be contacted at don.forbes@wsj.com.
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